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Print Edition StoriesThursday, January 31, 2008
Myomo grabs $3M in funding for stroke rehab tech
Boston-based medical robotics firm Myomo Inc. has raised $3.1 million in a private financing to fund work needed to expand the use of its lead stroke-rehabilitation device, a company executive said Wednesday.
Myomo has developed an arm brace designed to assist victims of stroke to move their upper limbs, with sensors that detect biological signals to damaged nerves and translate them into movement. The company gained U.S. market clearance for the device, called the e100 NeuroRobotic System, last year for use in hospitals only.
Maureen Liberty, a vice president at Myomo, said the latest financing came from angel investors and is intended to fund clinical development to gain regulatory clearance to market the e100 device for use in the home. The firm aims to raise up to $8 million in this second round of financing.
Myomo, founded in 2004, licensed its technology from MIT. The firm has raised a total of $4.2 million in private capital.
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