Envoy Medical, Inc. · NASDAQ:COCH
Envoy Medical — SPAC Merger (February 2023)
34 slides from Envoy Medical's SPAC merger presentation, Feb 6, 2023
Slide 1: Hear for Life
ENVOY MEDICAL | 1 Investor Presentation Hear for Life
Slide 2: Presentation disclaimer
ENVOY MEDICAL | 2 This presentation (this “Presentation”) is provided for information purposes only and has been prepared to assist interested par ties in making their own evaluation with respect to a potential business combination between Anzu Special Acquisition Corp I (" Anzu ") and Envoy Medical
Slide 3: Forward-Looking Statements
ENVOY MEDICAL | 3 Forward - Looking Statements This Presentation includes “forward - looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward - Looking statements may be identified by the use of words such a
Slide 4: Additional Information and Where to Find It
ENVOY MEDICAL | 4 Additional Information and Where to Find It In connection with the Proposed Business Combination, Anzu and Envoy Medical Corporation intend to prepare, and Anzu intends to file a registration statement on Form S - 4 (the “Registration Statement”) containing a proxy statement/prospe
Slide 5: Agenda
ENVOY MEDICAL | 5 AGENDA 1 Market Opportunity 2 Clinical Strategy 3 Company Overview 4 Investment Opportunity
Slide 6: ~2.8M U.S. adults may be candidates for cochlear implants
ENVOY MEDICAL | 6 ~2.8 M 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 th
Slide 7: Envoy plans to bring fully implanted cochlear implants to market
ENVOY MEDICAL | 7 ENVOY PLANS TO BRING FULLY IMPLANTED COCHLEAR IMPLANTS TO MARKET Breakthrough Technology Source: Cochlear.com Source: Oticonmedical.com Source: Advancedbionics.com FULLY IMPLANTED* *The image is not a photo of an Envoy patient
Slide 8: Envoy Acclaim vs current alternatives
ENVOY MEDICAL | 8 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 9: Acclaim expects to be first-of-its-kind fully implanted cochlear implant
ENVOY MEDICAL | 9 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 ru
Slide 10: Market Opportunity
ENVOY MEDICAL | 10 MARKET OPPORTUNITY
Slide 11: Discreet implantable medical technology continues to innovate markets
ENVOY MEDICAL | 11 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 12: Implantable Device Market Opportunity
ENVOY MEDICAL | 12 REVENUE GROWTH & SHAREHOLDER RETURN Implantable Device Market Opportunity Sources: (1) Inspire 2021 Annual Report (2) Cochlear Limited Annual Report 2022 2016 - 2021 Revenue 1 (in millions) Total Shareholder Return Since Listing 2 Inspire disrupted the sleep apnea market with the
Slide 13: Envoy could disrupt a multi-$B cochlear market
ENVOY MEDICAL | 13 ENVOY MEDICAL | 13 Sources: (1) PitchBook Data, as of January 2023; Market share data shown are estimates based on publicly available information and are subject to ch an ge. (2) https://www.sonova.com/en/acquisition - advanced - bionics - completed (3) https://www.cochlear.com/au
Slide 14: Cochlear market companies comparison
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: Illustrative track to commercialization
ENVOY MEDICAL | 17 ILLUSTRATIVE TRACK TO COMMERCIALIZATION Clinical Strategy FDA Breakthrough Granted Q3 2022 EFS IDE submitted (Q2 2022) & accepted (Q3 2022) Q4 2022 First activation Q4 2022 Full EFS Enrollment 3 patients Q4 2022 First patient implanted at Mayo Clinic Pivotal IDE Submission Q1 2024
Slide 18: Early feasibility study & pivotal trials
ENVOY MEDICAL | 18 EARLY FEASIBILITY STUDY & PIVOTAL TRIALS Clinical Strategy □ Acclaim accepted into the FDA EFS program □ Allows for rapid design changes on shorter review schedule □ Expedited first - in - human trials □ 3 patients implanted □ Ability to move to pivotal trials after successful com
Slide 19: Company Overview
ENVOY MEDICAL | 19 COMPANY OVERVIEW
Slide 20: Company & Product Overview
ENVOY MEDICAL | 20 COMPANY & PRODUCT OVERVIEW Executive Summary Who Are We? 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 brin
Slide 21: Key Leaders – Management Team
ENVOY MEDICAL | 21 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 22: Key Leaders – Advisory Board
ENVOY MEDICAL | 22 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 23: Investment Opportunity
ENVOY MEDICAL | 23 INVESTMENT OPPORTUNITY
Slide 24: Anticipated consideration and shareholder options
ENVOY MEDICAL | 24 Anticipated Consideration for Envoy Medical ▪ Envoy Medical shareholders are rolling 100% of their equity into the Business Combination ▪ Envoy Medical equity value is expected to be approximately $150M , payable in shares of ANZU common stock with an assumed value of $10.00 per s
Slide 25: Anzu SPAC I supported by Anzu Partners
ENVOY MEDICAL | 25 ANZU SPAC I 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 med
Slide 26: Planned path to deal approval
ENVOY MEDICAL | 26 PLANNED PATH TO DEAL APPROVAL Indicative and Illustrative Charter Extension and Approval Timeline ANZU Charter Extension March 2023 Business Combination Agreement signed Early Q2 2023 File S - 4/proxy statement for SEC review Feb 2023 S - 4 declared effective by SEC Late Q2 2023 B
Slide 27: Appendix
ENVOY MEDICAL | 27 APPENDIX
Slide 28: Risk factors: legal, regulatory and compliance
ENVOY MEDICAL | 28 All references to “Envoy Medical," ”the Company," “we,” "us" or "our" refer to the business of Envoy Medical Corporation. The ri sks presented below are certain of the general risks of the Company, Anzu Special Acquisition Corp I (" SPAC"), and the proposed transaction between the
Slide 29: Development stage technology risks
ENVOY MEDICAL | 29 Development Stage Technology Risks ▪ The market for the Company's medical devices is subject to technological change. ▪ The success of the Company depends on the timely perception of new trends, developments and customer needs, continued product de velopment of engineering experti
Slide 30: Risks related to our business
ENVOY MEDICAL | 30 Risks Related to Our Business ▪ We have a history of generating net losses, and if we are unable to achieve adequate revenue growth while our expenses increa se, we may not achieve or maintain profitability in the future. ▪ If we fail to manage our growth effectively or to sustain
Slide 31: General business risks
ENVOY MEDICAL | 31 General Business Risks ▪ Downturns or volatility in general economic conditions could have a material adverse effect on the Company's business, financ ial condition, results of operations and liquidity. ▪ The Company's competitive position could be adversely affected if it is unab
Slide 32: Risks related to the business combination
ENVOY MEDICAL | 32 Risks Related to the Business Combination ▪ Events, changes or other circumstances, many of which are beyond the control of the Company and SPAC, could give rise to the ter mination of negotiations and any subsequent definitive agreements with respect to the Proposed Business Comb
Slide 33: Risks related to the business combination
ENVOY MEDICAL | 33 Risks Related to the Business Combination ▪ The ability to successfully effect the Proposed Business Combination and the combined company's ability to successfully opera te the business thereafter will be largely dependent upon the efforts of certain key personnel of the Company,
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