Myomo, Inc. announced receipt of the final portion of the initial license fee under the Technology License Agreement with its joint venture company in China, Jiangxi Myomo Medical Assistive Appliance Co. Ltd. (the JV Company). receipt of the full initial technology license fee enables the start of technology transfer to the JV Company.

Once completed, the JV Company will begin the process of submitting existing clinical evidence regarding the safety and efficacy of the MyoPro to the regulatory authorities in China to enable its manufacture and sale to rehabilitation hospitals and patients in China, Hong Kong, Taiwan and Macau. Myomo will account for this approximately $1.7 million payment as license revenue in the second quarter of 2023. The JV Company will work with Ryzur Medical and Myomo to develop enhanced technologies and new devices based on the current MyoPro technology for the greater China territory.

Myomo holds a 19.9% ownership interest in the JV Company.