Envoy Medical, Inc. · NASDAQ:COCH
Envoy Medical — Anzu Special Acquisition Corp I — SPAC Merger (September 2023)
30 slides from Envoy Medical's SPAC merger presentation, Sep 15, 2023
Slide 1: Hear for Life
ENVOY MEDICAL | 1 Investor Presentation Hear for Life September 2023
Slide 2: Forward-Looking Statements
ENVOY MEDICAL | 2 Forward - Looking Statements This "Presentation" includes “forward - looking statements” within the meaning of the “safe harbor” provisions of the United State s Private Securities Litigation Reform Act of 1995. Forward - Looking statements may be identified by the use of words suc
Slide 3: Additional Information and Where to Find It
ENVOY MEDICAL | 3 Additional Information and Where to Find It In connection with the Proposed Business Combination, Anzu has filed with the SEC a registration statement on Form S - 4 (File No. 333 - 271920) (the “Registration Statement”) that was declared effective by the SEC on September 14, 2023.
Slide 4: Agenda
ENVOY MEDICAL | 4 AGENDA 1 Market Opportunity 2 Clinical Strategy 3 Company Overview 4 Investment Opportunity
Slide 5: ~2.8M U.S. adults suffer moderate to profound hearing loss
ENVOY MEDICAL | 5 ~2.8M U.S. ADULTS SUFFER MODERATE TO PROFOUND HEARING LOSS AND MAY BE CANDIDATES FOR COCHLEAR IMPLANTS 1 ~$84B and growing untapped potential cochlear implant U.S. market opportunity 3,4 Sources: (1) Goman , Adele M., and Frank R. Lin. "Prevalence of hearing loss by severity in the
Slide 6: Envoy plans to bring fully implanted cochlear implants to market
ENVOY MEDICAL | 6 ENVOY PLANS TO BRING FULLY IMPLANTED COCHLEAR IMPLANTS TO MARKET Breakthrough Technology Source: Cochlear.com Source: M edel.com Source: Advancedbionics.com FULLY IMPLANTED* *The image is not a photo of an Envoy Acclaim patient
Slide 7: Envoy Acclaim vs current alternatives
ENVOY MEDICAL | 7 ENVOY ACCLAIM ® CURRENT ALTERNATIVES Completely internal Prominently visible Capable of 24/7 hearing without external component Requires externally worn component to work/hear Leverages the natural ear Relies on artificial microphone, bypasses ear Charge battery wirelessly every ~4
Slide 8: Acclaim expects to be first-of-its-kind fully implanted cochlear implant
ENVOY MEDICAL | 8 ACCLAIM ® EXPECTS TO BE FIRST OF - ITS - KIND FULLY IMPLANTED COCHLEAR IMPLANT (FICI) DEVICE Novel Technology DISCREET • No need for externally worn components • Outer e ar will pick up the sound naturally. No external artificial microphone needed DEPENDABLE • Designed to allow t r
Slide 9: Market Opportunity
ENVOY MEDICAL | 9 MARKET OPPORTUNITY
Slide 10: Discreet implantable medical technology continues to innovate markets
ENVOY MEDICAL | 10 DISCREET AND IMPLANTABLE MEDICAL TECHNOLOGY CONTINUES TO INNOVATE MARKETS Sleep Apnea Fully Implanted Cochlear Implants Glucose Monitoring Pacemaker FDA Approves Inspire ® Upper Airway Stimulation (UAS) Therapy for Obstructive Sleep Apnea FDA Breakthrough Designation granted for E
Slide 11: Implantable Device Market Opportunity: revenue growth and shareholder return
ENVOY MEDICAL | 11 REVENUE GROWTH & SHAREHOLDER RETURN Implantable Device Market Opportunity Sources: (1) Inspire 2022 Annual Report (2) Cochlear Limited Annual Report 2022 2015 - 2022 Revenue 1 (in millions) Total Shareholder Return Since Listing 2 Inspire disrupted the sleep apnea market with the
Slide 12: Envoy could disrupt a multi-$B cochlear market
ENVOY MEDICAL | 12 ENVOY MEDICAL | 12 Sources: (1) PitchBook Data, as of August 2023; Market share data shown are estimates based on publicly available information and are subject to cha ng e. (2) https://www.sonova.com/en/acquisition - advanced - bionics - completed (3) https://www.cochlear.com/au/
Slide 13: Cochlear implant market opportunity: regulatory comparison
ENVOY MEDICAL | 13 ENVOY MEDICAL | 13 Cochlear Implant Market Opportunity ENVOY COULD DISRUPT A MULTI - $B COCHLEAR MARKET US FDA approval for fully implanted middle ear device • x x x x Early Feasibility Study (EFS) • • • x x Breakthrough Device Designation from US FDA • x x x x Investigational Dev
Slide 14: Cochlear implant competitors: revenue, margin, market cap
ENVOY MEDICAL | 14 Companies Description Revenue (USD) 1 Gross Margin (%) 1 Market Cap (USD) 1 (SWX: SOON) Sonova is one of the world's largest manufacturers and distributors of hearing aids. The company is based in Switzerland and distributes its products in more than 100 countries through its inte
Slide 15: Clinical Strategy
ENVOY MEDICAL | 15 CLINICAL STRATEGY
Slide 16: No other known hearing-focused FDA breakthrough designated device
ENVOY MEDICAL | 16 1 5 6 6 6 6 6 6 6 7 7 7 8 8 8 10 13 29 31 No other known hearing loss focused FDA breakthrough device designation 2 Alzheimer’s Heart failure Cancer Spinal cord injury Hearing loss Autism spectrum disorder Stroke Diabetes Breast cancer Degenerative disc Liver cancer Critical limb
Slide 17: Early experience with a novel fully implanted cochlear implant
ENVOY MEDICAL | 17 EARLY EXPERIENCE WITH A NOVEL FULLY IMPLANTED COCHLEAR IMPLANT ACIA 2023 – Dallas – Presentation Dr. Colin L. Driscoll, M.D. ǀ Mayo Clinic Sources: American Cochlear Implant Alliance (ACIA) conference session in Dallas, TX on June 6, 2023
Slide 18: Illustrative track to commercialization
ENVOY MEDICAL | 18 ILLUSTRATIVE TRACK TO COMMERCIALIZATION Clinical Strategy 2024 – 2025* Pivotal Study ~40 - 50 patients Timeline not to scale * Estimates for 2023 and beyond are illustrative and are based on management's current assumptions, which are subject to change. Please see “Risk Factors” i
Slide 19: Early feasibility study and pivotal trials
ENVOY MEDICAL | 19 EARLY FEASIBILITY STUDY & PIVOTAL TRIALS Clinical Strategy x Acclaim accepted into the FDA EFS program x Allows for rapid design changes on shorter review schedule x Expedited first - in - human trials x 3 patients implanted □ Approval to move to pivotal trials after successful co
Slide 20: Company Overview
ENVOY MEDICAL | 20 COMPANY OVERVIEW
Slide 21: Company and product overview
ENVOY MEDICAL | 21 COMPANY & PRODUCT OVERVIEW Envoy Medical Corporation is a hearing health company focused on providing innovative technologies and solutions across the hearing loss spectrum. Our technologies are designed to shift the hearing industry paradigm and bring both providers and patients
Slide 22: Envoy's rechargeable battery expected to last several days between charges
ENVOY MEDICAL | 22 ENVOY’S RECHARGEABLE BATTERY EXPECTED TO LAST SEVERAL DAYS BETWEEN CHARGES Rechargeable implanted batteries enhance quality of life Source: Boston Scientific Deep Brain Stimulation System Sleep Apnea Implant Therapy Source: LivaNova Cardiac C ontractility M odulation T herapy Sour
Slide 23: Key Leaders – Management Team
ENVOY MEDICAL | 23 KEY LEADERS – MANAGEMENT TEAM Executive Summary Brent Lucas, CEO Mr. Lucas has been the Chief Executive Officer of Envoy Medical Corporation for the last seven years and brings over 15 years of experience in the active implantables in the hearing health industry . He has served in
Slide 24: Key Leaders – Board and Board Nominees
ENVOY MEDICAL | 24 KEY LEADERS – BOARD AND BOARD NOMINEES Executive Summary Glen Taylor Chairman Emeritus • Founder and chairman of Taylor Corporation, a global printing and communications company and one of the nation’s largest privately held companies • A member (and former chair) of the Board of
Slide 25: Key Leaders – Advisory Board
ENVOY MEDICAL | 25 Jannine “Jan” Larky , M.A. ǀ Stanford Ear Institute (Palo Alto, CA) Dr. Aniket Saoji , Ph.D. ǀ Mayo Clinical (Rochester, MN) Dr. Sarah Sydlowski , Ph.D. & Au.D . ǀ Cleveland Clinic (Cleveland, OH) Dr. Melissa Hall , Au.D. ǀ University of Florida (Gainesville, FL) Dr. Camille Dunn
Slide 26: Investment Opportunity
ENVOY MEDICAL | 26 INVESTMENT OPPORTUNITY
Slide 27: Transaction Summary: Business Combination between Anzu and Envoy Medical
ENVOY MEDICAL | 27 Consideration for Envoy Medical ▪ Envoy Medical shareholders are rolling 100% of their equity into the Propsed Business Combination ▪ Envoy Medical valued at $150M at closing , payable in shares of ANZU common stock with assumed value of $10.00 per share Sponsor committed long - t
Slide 28: Anzu is a strong fit for Envoy
ENVOY MEDICAL | 28 ANZU is supported by Anzu Partners, an investment firm focused on industrial technologies and life sciences ▪ Anzu Partners has a team of 60+ professionals, including 8+ PhDs working in the investment and portfolio support teams ▪ Anzu Partners’ prior investments in the medical de
Slide 29: Planned Path to Deal Approval
ENVOY MEDICAL | 29 PLANNED PATH TO DEAL APPROVAL Indicative and Illustrative Approval Timeline Sep. 30, 2023: Deadline to close the Business Combination (unless extended) Filed S - 4/proxy statement for SEC review May 2023 April 2023 Business Combination Agreement signed September 2023 (Projected) S
Slide 30: Thank You
ENVOY MEDICAL | 30 Thank You
Anzu Special Acquisition Corp I — SPAC Merger (September 2023) on 6ix