Envoy Medical Secures $10 Million in Funding to Advance Pivotal Clinical Trial of Breakthrough Hearing Device

Core Insights - Envoy Medical has secured $10 million in funding from its largest shareholder, billionaire Glen Taylor, to support its pivotal clinical trial for the Acclaim cochlear implant and other operations [1][2] - The company is optimistic about the enrollment progress in its clinical trial, with significant interest reported from investigational sites [2] Funding Details - The$10 million financing is structured as an unsecured loan with a five-year term, deferring interest for the first two years and bearing an 8% interest rate [2] - Funds will be available as needed to maintain the company's operational momentum during a transformative year [1][2] Product Overview - The Acclaim cochlear implant is a first-of-its-kind fully implanted hearing device designed to address severe to profound sensorineural hearing loss [3][4] - The device leverages the natural anatomy of the ear to capture sound, distinguishing it from traditional hearing aids [3] Regulatory Status - The Acclaim cochlear implant received Breakthrough Device Designation from the U.S. FDA in 2019, indicating its potential to offer significant benefits over existing treatments [4]