top of page
Search

Envoy Medical (NASDAQ: COCH) secures up to $10 million of debt to finance its cochlear implant clinical trial

 Billionaire Entrepreneur Glen Taylor Commits to a 5-Year Debt Facility to Support Envoy Medical's upcoming FDA Clinical Trial for its Acclaim® Fully Implanted Cochlear Implant



Envoy Medical®, Inc. (“Envoy Medical”) (NASDAQ: “COCH”), a revolutionary hearing health company focused on fully implanted hearing systems, today announced the closing of up to a $10 million, five-year lending facility provided by existing investor and billionaire entrepreneur Glen Taylor. The facility is unsecured and does not provide for conversion into equity. Envoy Medical drew $5 million on the facility at its origination.


“This new financing will support the launch of our upcoming US-based pivotal clinical trial for our innovative investigational fully implanted Acclaim® cochlear implant,” said Envoy Medical CEO Brent Lucas. “The terms, which we believe are friendly and favorable to the company, of this financing also demonstrate the continued commitment of our largest investor to step up and make sure we are well positioned to move forward.”


Funds will be available as needed and bear interest at 8% over the term of the loan. Please see Form 8-K filed today for additional discussion of terms and conditions of the investment.


Lucas continued, “Glen remains a dedicated believer in and partner to our innovative approach toward advancing the hearing health market with innovative products. Our revolutionary design – leveraging the natural ear to pick up sound rather than a microphone – is an opportunity to dramatically change the landscape for hearing health, using new, fully implantable technologies. We believe that fully implanted devices, by virtue of their design, come with advantages that patients may value and prefer over the current standard of care devices. We look forward to investigating as we proceed.”


In addition to the continued advancement of its fully implanted Acclaim® cochlear implant, which has received Breakthrough Designation from the FDA, Envoy Medical is also the only current company to have a FDA-approved, fully implanted active middle ear hearing device (different from their investigational fully implanted cochlear implant). Approximately 1,000 Esteem® fully implanted active middle ear implants have been installed.


Further, the Company believes that recently introduced Congressional legislation to re-classify fully implanted active middle ear implants properly, is long overdue. Should the bill become law, it would provide greater patient access to important technologies and encourage more innovation and competition within the category.

See further discussion on this with Messer’s. Lucas and Taylor on Fox Business Network,



About Envoy Medical

Envoy Medical, Inc. (NASDAQ: COCH), headquartered in White Bear Lake, Minnesota, is a hearing health company focused on providing innovative medical technologies. As a U.S. company, Envoy Medical provides jobs in Minnesota.


Envoy Medical is dedicated to pushing hearing technology beyond the status quo to provide patients with improved access, usability, independence and quality of life.


About the Fully Implanted Acclaim® Cochlear Implant

We believe the fully implanted Acclaim Cochlear Implant will be a first-of-its-kind fully implanted cochlear implant. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound.

The Acclaim system is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids.


The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019. We believe the Acclaim system was the first hearing-focused device to receive Breakthrough Device Designation.


CAUTION: The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by United States law to investigational use.


Important safety information for the Esteem can be found at: https://www.envoymedical.com/safety-information.


About the Fully Implanted Esteem® Active Middle Ear Hearing Device

The fully implanted Esteem® active middle ear hearing device is the only FDA approved, completely internal hearing device designed to improve the hearing of adults diagnosed with moderate to severe sensorineural hearing loss.


Instead of a microphone, the Esteem device uses a novel sensor to leverage the natural anatomy of the ear to capture sound and convert it into electrical signals that are used by the implant to address hearing loss.


The Esteem implant has no externally-worn components required for daily use which allows for “invisible hearing,” the potential for 24/7 hearing, and removing many limitations of hearing aids. The Esteem implant is available in the U.S. through FDA PMA approval. It is not currently covered by Medicare or Medicaid, and is not widely covered by private insurers.


To learn more about the Esteem implant, visit https://www.envoymedical.com/middle-ear-implants.


Additional Information and Where to Find It

Copies of the documents filed by Envoy Medical with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.


Source: Envoy Medical


______________________________________________________________

What are your company's business or financial objectives?










If your company has business or financial objectives, check out the advisory services for growing life sciences companies provided by FC Global Strategies.


Our calendar link to schedule a complementary call.


FC Global Strategies' Regional Directors:


Jeffrey Friedland - Based in the U.S.

(North America and Global)

+1 646 450 8909


Ross Swan - Based in Singapore

(Southeast Asia, Australia, Asia-Pacific)

+65 9181 9472


David Krutonog - Based in Israel

(Eastern Europe, Middle-East and North Africa

+972 50 974 3429


Claudio Hebling - Based in Brazil

(Latin America)

+55 19 99377 748


Vincent Paul Joseph - Based in India

(South Asia, India and Sri Lanka)

+91 962 620 9090


Olah Abiodun - Based in Nigeria

(Sub-Saharan Africa)

+234 812 029 8222







Comentarios


Los comentarios se han desactivado.
bottom of page