Myomo, Inc. announced its intention to offer and sell shares of its common stock in an underwritten public offering. The company also expects to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares offered.
The net proceeds from the offering are intended to accelerate revenue growth by funding an increase in advertising expenses and headcount for the direct billing channel. Funds will also support investments in systems for the O&P channel and scaling operations.
Additionally, the proceeds are earmarked for product development and sustaining engineering activities to enhance the current MyoPro product line and develop next-generation products, with the remainder for working capital and general corporate purposes.
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