Myomo said late last week it is looking to raise approximately $17.4 million in a new offering of shares and warrants to support its myoelectric braces and orthotics designed for individuals with neuromuscular disorders.

In the offering the company plans to float approximately 1.5 million shares of common stock and warrants to purchase an additional 750,000 shares at an assumed combined offering price of $6.25 per share and 0.5 warrants.

Warrants in the offering are exercisable immediately and for up to 5 years after issuance at an exercise price per share of 120% of the combined public offering price per share and related warrant.

The offering will include an underwriters option for an additional 225,000 shares of common stock and warrants for an additional 112,500 shares at the same price, according to an SEC filing from the company.

Myomo said it expects to gain net proceeds of approximately $8.5 million, or up to $9.8 million if the underwriter’s option is fully exercised.

Proceeds from the offering will be used to repay the company’s debt to the Massachusetts Life Sciences Center and for working capital and general corporate purposes.