Patents Expected to be Licensed to Newly Established Joint Venture Company in China
Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced the granting of patents in China and Hong Kong covering the Company’s most advanced products. Patent number ZL201680032072 was issued in China and patent number 1251447B was issued in Hong Kong. The patents are titled “Powered Orthotic Device and Method of Using Same,” which cover a powered orthotic device that supports movement of a user’s arm about the elbow and a user’s fingers and thumb to support grasping. These newly issued patents are in force through June 2036.
These patents are expected to be licensed to a newly formed company in China, Jiangxi Myomo Medical Assistive Appliance Co., Ltd. (“JV Company”), which was established on August 12, 2021, pursuant to an Equity Joint Venture Contract entered into between the Company and Beijing Ryzur Medical Investment Co., Ltd. (“Ryzur”) in January 2021. A Technology License Agreement between the Company and the JV Company is expected to be entered into once certain operational and financial milestones by Ryzur and the JV Company are met.
David Ren, founder and President of Ryzur, commented “We are looking forward to partnering with Myomo to bring this advanced technology to hospitals and patients in China. Now that the JV company is established, our next steps are to complete the funding, introduce the MyoPro to distributors and hospitals and set up the operations for launch of the products in the large China market.”
“With approximately 14 million paralyzed arms, China represents the largest market in the world for our products. We are pleased that we have been granted these patents, which together with our growing success in providing our products and obtaining reimbursement in Europe and the United States, represent an important milestone on the path toward becoming the worldwide standard of care for individuals suffering from upper extremity impairment as a result of stroke, nerve injury and other conditions,” stated Paul R. Gudonis, Myomo’s chairman and chief executive officer.
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