Myomo Inc MYO has caught the gaze of some brazen admirers.
Ossur and current partner Ottobock “have been inquisitive in the past” about buyout possibilities, Myomo CEO Paul Gudonis told Benzinga Tuesday at the LD Micro Conference.
He posited additional merger potential in Asian robotics companies, specifically Toyota Motor Corp (ADR) TM.
Unfortunately for Myomo, management has had less success appealing to investors. The company, which is developing a prosthetic arm and hand product and advancing 13 patented systems, is down 66.9 percent since joining the public markets in June.
Gudonis may have renewed Street confidence, though. Myomo shares were up 12.8 percent after his conference presentation, during which he discussed the firm’s migration from a “controlled introduction” phase to a “scale up” phase.
The transition has been catalyzed by MyoPro’s reception of Europe’s CE Mark and Canadian approval, the growth of MyoPro centers, the first device fitting of an adolescent patient and Myomo’s deepening relationship with Ottobock. It continues to unfold on about $2 million in annual cash burn, which should increase with the ramping of sales and marketing.
At time of publication, Myomo was trading up 7 percent at $2.43.
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