What You Should Know:
– Envoy Medical Corporation (NASDAQ: COCH), a pioneer in fully implanted hearing solutions, announced today the closing of a $10M, five-year loan agreement with existing investor Glen Taylor.
– This unsecured loan will support Envoy Medical’s continued development of its innovative hearing technologies, including:
– The Acclaim® cochlear implant: A fully implanted device designed for individuals with severe hearing loss. This investigational product has received Breakthrough Designation from the FDA, expediting its potential path to market.
– The Esteem® active middle ear implant: The only currently FDA-approved fully implanted device of its kind in the US. Over 1,000 Esteem implants have been successfully placed in patients seeking improved hearing.
“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.”