Paul Gudonis (CEO Of Myomo)

Paul Gudonis (CEO Of Myomo) by The Financial Exchange


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

On Wednesdays we are joined by business owners and by the way. You wanna bring your business on the show and talk to us about how you run and what you do we'd love to interview. Are just go to our website which is financial exchange showed dot com but today. We are joined by Paul good donuts he's the CEO. Of my normal. And I know your medical device company but this is unusual this is some light and and you might wanna tune in on FaceBook and watch us on FaceBook as you can see. The device we we have it on our our screen right now. But I know truck. Are chomping at the bit here yup Paula that we were really appreciate you had joining us today but. Can you tell us a little bit about what mile Mo is and what the product is that you've developed through all thanks for the invitation to be here today. So my homo which stands for my own motion is a commercial stage medical robotics company. Our mission is to conquer paralysis. With lightweight wearable robotics a cut for example there are millions of people worldwide. Who are left with upper limb paralysis they can't use their armor their hand anymore. After a stroke spinal cord injury outward disease like MS or email us. And so this technology developed at MIT. Enables them to. Where this lightweight race and as they try to move that are. We amplify their existing signals and turned into motion before I'm my own motion is not one of our user sent to this like power steering for my arm. Does this work for someone who is totally paralyzed in an hour or is it someone who has partial power paralysis and well what is important is that the users still have some Trace neurological signal called electoral Meyer Graham signaled. So what happens when we try to move an arm or open hand were basic sending a signal. From the brain through the spinal cord into the muscle. And then muscle or basic commands that you can contracted stand. By set you can open closure and and doing cell. The muscle with a Trace Michael voltage to the electoral my grammar you MG Singleton which you can read on the surface of the skin so our devices built in sensors. That just sit on the surface of the skin and so when you try to move your arm and amplify it so as long as. We can pick up a tree signal and then maybe only be 1%. What an able bodied and you would have yup but don't know many people after a stroll human spinal cord injury affords it this for the record hasn't been severed. They still have an attenuated signal which we can pick up an amplified. The products that you have or they just four arms or they legs as well this point we decide to focus on the popular. To be with him so we have devices for the noble noble wrist and for the hand Oka as well now we can develop on technologies Blake in the future are patent portfolio. Covers the any type of war finally device which is clinical term for braced. That is driven by the body's own bmg signals when did you first start development on these devices how long of a path has it been to get them to market. Was about a dozen years ago the researchers at MIT doctor would flowers lab. And what he had been a pioneer power respect for amputees you know they asked the question. What about the much larger number of people who have their limbs that they can move on there's been nothing for them you know so company spun out of MIT back in 2006. I during the cup in about six years ago I met the technical team in the patent portfolio. With them. This idea to conquer paralysis cell which I like bringing new technologies to market. So I came on board CO six years ago. We are redesigned the product to be designed as a lightweight device for home use. In our commercial stage of orders shipped hundreds at a licensed users. How many people domestically. And worldwide. Suffer from the type of paralysis that can be helped by these devices. The numbers are in the millions for example the World Health Organization. Has identified or fifteen million strokes a year. Worldwide and really about five million die from the brain injury about five million recover by going through rehab therapy. The other a 13 about five million a year. A stroke survivors are left with this hand increases half paralysis and then you've got spinal cord patients and that's hail us cases. Outbreak killed flexes injuries which is the shoulder of the its damage for example in a skiing accident or motorcycle accident. In the United States we estimated about three million individuals with upper limb paralysis now. How many of those are veterans. A good number those couple 100000. With a BA pick this do they pay for this for veterans yes this is approved by the VA we already outfit dozens of veterans. At VA hospitals across the country needs you like it. They love it that enables them. Two I'll live independently stay out of a nursing home go to work go to work we've had a for example up. But right users here is not just computers 32 year old woman in Salem suffered a stroke sixers don't miss a lot of young to know. There. And she's now able to use her right arm again she uses both arms. Working through if he's back to your. And who is she says you know I just couldn't do this job and if they have both arms shall veteran can get this device just like go to local VA facility or cutting the us on our website my home dot com. And don't forget folksy and look at an online look at go to our FaceBook page financial exchange on FaceBook and you can see device sitting on camera right now. What's the status as far as a lot of private insurance picking this up on Medicare are are you able to have either you know people on Medicare or on. Largest state yet a general HMO or something like that pick this up. We've had hundreds of devices reimbursed by private insurance payers that they'll like blue cross blue shield were example. Workers' compensation for people injured on the job. The VA system on certain state Medicaid plans about Medigap thank you by the Medigap policy. You know that in a really depends on a case by case basis we have a team that works with your thoughts and prophetic practice who our customer in the that's what they do is they analyze someone's you know health benefits. And remember that this is part or phonics and respects which is a multi billion dollar segment of health care industry are already today. It's just like papers that are which restores functions Purcell who's an amputee and this resources function. For someone who's lost ability to use one or both arms. What's the current cost of your devices and are there any projected changes to the cost going forward as you get bigger. Walton devices get reimbursed to your thighs and respects practice though they build them based on. Now in the device but also. The clinical sources that they provide to evaluate to fit the patient follow on support to. Typically they they've reported to us they get reimbursed depending on the model whether it's just the elbow or always tell noble and the hand from twenty to 50000 dollars. And so when you look in terms of getting someone back to work it sounds like a lot of money obviously but if someone does not need to be collecting disability don't forward it can actually end up saving. A significant amount of money in the long run as well as getting someone back into the workforce not exactly get back to work you know you're living independently we've had younger people go back to school you know for example and and I think devices custom neighbor to the naked this device and I'm looking at. Is that war people at a certain you know sides or how does that work for sizing. Well there are two elements to a divisive one of the common robotic components so the circuit board the motors and sensors that matters operate up here right exactly so those are produced for us in Worcester Massachusetts by the tiger medics which is a FDA approved contract manufacturer yeah. And these are custom fabricated because everyone's arms a different size so we train the ouster by prostitutes or it is undertake a mold of your arm him. Shipped to a facility we used in the Cleveland area accidentally fit properly exactly and it's not a comfortable these egg and somebody else lately haven't got ways that we way from through four pounds while depending on the model and if some people have a shoulder issue we also provide hearts. As well interesting interesting how many employees do you have at this point we have 25. A look at this point but now that we've gone gone public and raise capital now we are expecting to expand that to fuel our growth do you do all your own manufacturing in house or do you have someone who handles the manufacturing. Well we do the and then we contract out to kind medics so the coral I guess your company the western company and then we contract out the central fabrication. Through firm GRE in the Cleveland area. The symbol by the way folks if you're interested in learning more about this company from an investment perspective. Is MY all I'm not suggesting you run out by the stock I just wanted you to know what the stock symbol Ford is MYO is that on the NASDAQ where the New York Stock Exchange New York Stock Exchange and Kati. Now we went public under the new jobs that reggae plus tools and we were the first of these emerging growth companies to be qualified for listing on the New York Stock Exchange but you know I wanted to congratulate you because one day I hope you make lots of money. But to your providing a very valuable service and I think about some are veterans who suffer from paralysis as a result of their service to our country. And that's that's the groupie settlement gosh if you help those folks. The end of the day it's very beneficial thank you Paul David thank you very much for your time today all thanks for coming on and thanks for what you're doing. Folks when we come back we'll be talking about the Connecticut budget impacts from our insurer match dot com studios. You've got Barry Armstrong next financial exchange. Shall look financial exchange radio network.