Cambridge, Mass.-based medical device company Myomo, Inc. has announced the closing of its Series B-1 preferred share offering, which raised a total of $5 million from existing investors. Mountain Group Capital, a venture firm focused on medical devices and technology investments, was the lead investor in the round.
The additional funding will be used as working capital as well as to support investments in sales and marketing, new product development and expanded clinical studies of the company’s MyoPro powered orthosis.
“In 2015, we expect to provide our MyoPro orthoses to a larger number of people impacted by neuromuscular conditions through our expanded sales organization and the growing number of VA hospitals that provide the MyoPro to veterans,” Paul R. Gudonis, Myomo CEO, stated in a press release. “In addition, our new distribution agreement with Össur, a leading company in the orthotics and prosthetics industry, will enable us to assist even more patients.”