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Print Edition StoriesTuesday, April 21, 2009
Myomo reported to have sliding sales, reduced staff
By Mass High Tech staff
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Boston neurotechnology firm Myomo Inc. has, in the course of the last year, sliced its staff by two-thirds, reducing what was a 12-employee company to four, according to published reports.
The company, which is funded by angel investors, has had dwindling sales, stalled finances and a resignation last summer of its former CEO, Thomas Glover, Xconomy reports online.
Myomo makes stroke-rehabilitation technology, including a U.S. Food and Drug Administration-approved robotic device intended to help victims of stroke improve their arm movements. The arm brace includes sensors that detect biological signals to damaged nerves and translates them into movement.
The online report cites just three medical centers that have bought Myomo’s robotic device in the two years since its FDA approval. Current interim CEO Steve Kelly points to both a slow economy and conservative healthcare industry as reasons for the device’s slow sales.
Myomo landed $3.1 million in in a private financing to fund work needed to expand the use of its robotic device. Founded in 2004, Myomo licensed its technology from MIT. Myomo (then known as Active Joint Brace) was the winner of the then-MIT $50K business plan contest in 2004.
Myomo officials did not return a phone call this morning.
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