Healthcare Industry News: CardioVascular Technologies
News Release - November 5, 2007
Myomo Appoints Thomas Glover Chief Executive OfficerMedical Device Industry Veteran to Advance Commercialization of New Neurodevice Category
BOSTON--(HSMN NewsFeed)--Myomo,™ Inc. (www.myomo.com), a pioneer developer of a new class of non-invasive medical device technology, today announced that medical device industry veteran Thomas Glover has joined the Company as Chief Executive Officer, effective immediately. Mr. Glover assumes the role of CEO from serial technology veteran Steve Kelly. Mr. Kelly has guided the MIT Deshpande Center spinout since its inception as MIT Active Joint Brace and will continue his role as Chairman of the Board.
"Tom was chosen to lead Myomo through the commercialization phase of the Company’s growth as we introduce our disruptive NeuroRobotics technology into what is a vast, untapped market," said Mr. Kelly. "The board is delighted to have someone of Tom's caliber charting our future course."
NeuroRobotics™ is a unique platform technology converging advances in neuroscience, robotics and microelectronics with scientific research that shows the brain's capacity to remap following an injury. NeuroRobotics non-invasively targets the neurological and muscular systems that affect motor control and has the potential to treat a broad range of conditions that result in loss of neurologic function or atrophy.
“I am excited to lead the Myomo team,” said Mr. Glover. “The Company's vision, innovative approach and stellar engineering team present a compelling opportunity to establish the market leadership position in non-invasive neurological treatments.”
Mr. Glover brings more than 25 years executive leadership experience with a focus on emerging medical device technologies. His business leadership experience includes responsibilities in sales and marketing, finance, and operations, in U.S. and international markets. Most recently, Mr. Glover was CEO and president of Vasomedical, Inc., a leading provider of non-invasive CardioVascular Technologies where he initiated programs and strategies that opened new high-growth market segment opportunities. Additionally, Mr. Glover has held numerous executive leadership positions in public and private organizations, from smaller start ups to major public companies such as Johnson & Johnson and American Cyanamid (now Wyeth) / Davis & Geck.
In April 2007, Myomo received FDA clearance to market the e100 NeuroRobotics System, a first-in-class portable robotic orthosis for arm dysfunction caused by stroke. Stroke is the country's leading cause of long-term disability; U.S. annual incidence of stroke is expected to increase as 78 million baby boomers approach retirement.
“Myomo offers a transformational technology for stroke, combining neuroscience and robotics, for a huge population with significant medical needs,” said Raymond Dunn, advisor to Myomo and previously co founder and CEO of Advantage Healthcare Corp. (now part of Health South). “Tom's leadership and breadth of medical device experience will be a great asset to Myomo in commercializing its ground-breaking stroke treatment technology.”
“I have first-hand experience working with Tom and have always been impressed with his thoroughness and deep understanding of the needs of the customer,” said Henry Kay, board member and previously Group Vice President of New Market Development/Strategic Planning, Boston Scientific Corp. “Tom's customer-focused leadership provides a strategic complement to Steve's vast experience in building category-leading technology ventures.”
Each year, about 700,000 people in the United States have a stroke and over 5 million people live with the debilitating effects of the disease. In 2007, stroke is estimated to cost the U.S. $62.7 billion in medical expenses and lost wages. With the aging of the baby boomer generation and the growing epidemic of obesity, stroke treatment costs alone could exceed $2 trillion by 2050. (Source: AHA. Heart Disease and Stroke Statistics - 2007 Update)
About Myomo, Inc.
Myomo, Inc. is a medical device company with the mission of restoring independence to individuals after loss of neurological function or atrophy through the NeuroRobotics platform technology. Myomo's lead technology is designed to help patients relearn how to move affected limbs by non-invasively targeting the neurological and muscular systems that affect motor control. The Company's flagship product, the Myomo e100 NeuroRobotic System, is a first-in-class portable robotic orthosis that uniquely enables patient-initiated-and-controlled movement of affected limbs without use of electrical stimulation or invasive procedures. Clinically shown to improve motor performance in patients ranging from 4 weeks to 21 years after stroke onset, NeuroRobotics has the potential to address to a broad range of neurological conditions. Myomo’s founding research was developed with assistance from the Deshpande Center for Technology Innovation and leverages proprietary knowledge from the Massachusetts Institute of Technology Active Joint Brace research and collaboration with leading clinical researchers. Myomo is a privately held medical device technology company and is headquartered in Boston, MA. For more information, visit www.myomo.com.
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