Business
Envoy Medical Reports Fourth Quarter and Full Year 2023 Financial Results
Company Provides Corporate Update that Include Updates on its Investigational Fully Implanted Acclaim® Cochlear Implant Meeting its Early Feasibility Study
About this update from Envoy Medical, Inc.
[{"type":"text","content":"Company Provides Corporate Update that Include Updates on its Investigational Fully Implanted Acclaim® Cochlear Implant Meeting its Early Feasibility Study Milestones Recent bipartisan Congressional bill, the Hearing Device Coverage Clarification Act, seeks to open a pathway to insurance coverage for the Company's Esteem® Fully Implanted Active Middle Ear Implant WHITE BEAR LAKE, Minn., April 02, 2024 (GLOBE NEWSWIRE) -- Envoy Medical®, Inc. (“Envoy Medical”) (Nasdaq: COCH), a revolutionary hearing health company focused on fully implanted hearing devices, today announced its corporate and financial results for the fourth quarter and full year ended December 31, 2023. Financial and Corporate Highlights from Q4 2023 to Date Completed Business Combination transaction at the end of September and began trading on Nasdaq under its own ticker, COCH, the first week of October 2023.Secured up to $10 million in non-convertible, unsecured debt financing at the beginning of 2024 from billionaire entrepreneur Glen Taylor – a multi-decade shareholder, largest investor, and current Director.Investigational Fully Implanted Acclaim® Cochlear Implant (Acclaim® CI): Early Feasibility Study (EFS) continues to meet milestones with all three implanted patients surpassing twelve-month post-activation visits remaining implanted.Announced four additional patents which brings the Company’s total to 30 issued U.S. patents, 16 pending U.S. patent applications, 12 issued foreign patents and 28 pending foreign and international patent applications for both products. Esteem® Fully Implanted Active Middle Ear Implant (FI-AMEI): Continued efforts to address improper classification of fully implanted active middle ear implants (FI-AMEI) as hearing aids have resulted in the introduction of bipartisan Congressional bill – Hearing Device Coverage Clarification Act (H.R. 7254) – in the House of Representatives.The bipartisan bill aims to rectify the classification issue by removing FI-AMEIs from the broad hearing aid exclusion imposed by Centers for Medicare and Medicaid Services (CMS) and properly designating them as fully implanted active middle ear implants – thereby making them eligible for coverage as hearing prosthetics. “The year 2023 will be one to remember in our ambitious journey to becoming the leading hearing implant company in the world: we saw our fir...