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Microchip Technology CEO will continue as advisor to Myomo and as an investor
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 resignation of Steve Sanghi from its Board of Directors to focus on his duties as CEO and Board Chairman of Microchip Technology Inc. He will continue to serve as an advisor to Myomo and remain a personal investor in the company.
“On behalf of the Board and shareholders of Myomo, I want to thank Steve for his service to the company,” said Paul R. Gudonis, CEO and chairman of Myomo. “He strongly believes in Myomo’s mission and opportunity, and has supported the company as both an investor and Board member since before our IPO in 2017. We are pleased that he will continue to advise the company and be a resource to us going forward.”
“I am incredibly pleased with the progress Myomo has made and excited to watch its future success,” said Sanghi. “While I will be stepping down from the Board, I am glad to continue to be an advisor to and investor in what I believe is a unique opportunity for the company to establish itself as the standard of care in upper limb paralysis.”
Lead Independent Director, Thomas F. Kirk, will replace Mr. Sanghi on Myomo’s Audit Committee.
Myomo, Inc. is a wearable medical robotics company that offers expanded mobility for those suffering from neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, please visit www.myomo.com.
Forward Looking Statements
This press release contains forward-looking statements regarding the Company's future business expectations which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. Our actual results could differ materially from those anticipated in these forward looking statements for many reasons, including, without limitation, risks related to regulatory approval and market acceptance of our products, and the other risk factors contained in our filings made with the Securities and Exchange Commission. More information about factors that potentially could affect Myomo's business and financial results is included in Myomo's filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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