Full Press Release Details
Envoy Medical Secures $10 Million in Funding
to Advance Pivotal Clinical Trial of Breakthrough Hearing Device
Billionaire Entrepreneur Glen Taylor, the Company's
Largest Shareholder, Continues to Invest Significant Capital into the Company Furthering Its Progress
WHITE BEAR LAKE, Minnesota, March 12,
2025 (Newsfile Corp.) -- Envoy Medical , Inc. ("Envoy Medical") (NASDAQ: "COCH"), a revolutionary
hearing health company focused on fully implanted hearing devices, today announced securing $10 Million in financing from its
largest existing shareholder, billionaire entrepreneur Glen Taylor. The financing provides the Company with access to additional
capital during what it expects to be a transformative year with several important milestones. The funds will be used to maintain the
Company's velocity through its fully implanted Acclaim cochlear implant pivotal clinical trial and support other
"We are very happy with the enrollment progress in the first
stage of our pivotal clinical trial," said Envoy Medical CEO Brent Lucas, "Investigational sites are reporting a tremendous
amount of interest in our fully implanted cochlear implant. We believe that interest will only grow as awareness is increased and further
progress is made. We are bullish on the reported desire of many cochlear implant candidates to have a device that is designed to be completely
The $10 million lending facility has a five-year term, is unsecured,
does not have a conversion feature, and defers interest for the first two years. Funds will be available as needed and bear interest at
8% over the term of the loan. Please see the Current Report on Form 8-K filed by Envoy Medical today for additional discussion of
terms and conditions of the investment.
About the Fully Implanted Acclaim Cochlear Implant
We believe the fully implanted Acclaim Cochlear Implant ("Acclaim
CI") is a first-of-its-kind hearing device. 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 CI is designed to address severe to profound sensorineural
hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for adults who have been deemed
adequate candidates by a qualified physician.
The Acclaim Cochlear Implant received the Breakthrough Device Designation
from the U.S. Food and Drug Administration (FDA) in 2019.
CAUTION The fully implanted Acclaim Cochlear Implant is an investigational
device. Limited by Federal (or United States) law to investigational use.
About the Esteem Fully Implanted Active Middle Ear Implant
The Esteem fully implanted active middle ear implant (FI-AMEI) is the
only FDA-approved, fully implanted* hearing device for adults diagnosed with moderate to severe sensorineural hearing loss allowing for
24/7 hearing capability using the ear's natural anatomy. The Esteem FI-AMEI hearing implant is invisible and requires no externally
worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put it on or take it off. You
can't lose it. You don't clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing.
*Once activated, the external Esteem FI-AMEI Personal Programmer is
not required for daily use.
Important safety information for the Esteem FI-AMEI can be found at: https://www.envoymedical.com/safety-information.
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.
Forward-Looking Statements
This press release 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 as "estimate," "plan," "project,"
"forecast," "intend," "will," "expect," "anticipate," "believe,"
"seek," "target" or other similar expressions that predict or indicate future events or trends or that are not
statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements
may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity,
plans and goals for future operational improvements and capital investments; the ability to obtain additional patents and develop future
products or product improvements, the Acclaim CI being the first to market fully implanted cochlear implant, the timing and results of
clinical trials of the Acclaim CI, and the participation of any institution in such trials; the safety, performance, and market acceptance
of the Acclaim CI; the size of Envoy Medical's addressable market, operational performance, future market conditions or economic
performance and developments in the capital and credit markets and any information concerning possible or assumed future operations of
Envoy Medical. The forward-looking statements contained in this press release reflect Envoy Medical's current views about future
events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its
actual results to differ significantly from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the
events described will happen as described (or that they will happen at all). These forward-looking statements are subject to a number
of risks and uncertainties, including, but not limited to changes in the market price of shares of Envoy Medical's Class A Common
Stock; changes in or removal of Envoy Medical's shares inclusion in any index; Envoy Medical's success in retaining or recruiting,
or changes required in, its officers, key employees or directors; unpredictability in the medical device industry, the regulatory process
to approve medical devices, and the clinical development process of Envoy Medical products; competition in the medical device industry,
and the failure to introduce new products and services in a timely manner or at competitive prices to compete successfully against competitors;
disruptions in relationships with Envoy Medical's suppliers, or disruptions in Envoy Medical's own production capabilities
for some of the key components and materials of its products; changes in the need for capital and the availability of financing and capital
to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings could be costly and time-consuming
to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical; a loss of any of Envoy Medical's
key intellectual property rights or failure to adequately protect intellectual property rights; the effects of catastrophic events, including
war, terrorism and other international conflicts; and other risks and uncertainties set forth in the section entitled "Risk Factors"
and "Cautionary Note Regarding Forward Looking Statements" in the Annual Report on Form 10-K filed by Envoy Medical on
April 1, 2024, and in other reports Envoy Medical files, with the SEC. If any of these risks materialize or Envoy Medical's assumptions
prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While forward-looking
statements reflect Envoy Medical's good faith beliefs, they are not guarantees of future performance. Envoy Medical disclaims any
obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information,
data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should
not place undue reliance on any forward-looking statements, which are based only on information currently available to Envoy Medical.
Envoy Medical Investor Relations