Fresh from winning regulatory approval for its Esteem hearing device, Envoy Medical Corp. is seeking $16.5 million from the sale of equity, according to documents filed with the Securities and Exchange Commission.
The company, based in White Bear Township, Minn., has so far raised $330,000.
In March, the Food and Drug Administration approved Envoy’s Esteem hearing technology, an implantable system that converts mechanical vibrations from the eardrum into electrical signals, boosts and cleans up the signals, and converts the signals back into vibrations it then transmits into the cochlea.
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Envoy has now begun a big push to train surgeons on the technology and convince doctors to recommend Esteem to patients. The company plans to start implanting 100 patients a month beginning in October at a new surgical center the company is building in Houston. Envoy is also recruiting surgeons to train at its headquarters in White Bear Township and a facility in Greensboro, N. C.
Once it won FDA approval, Envoy investors have long expected the company to go public.
The company already features an all-star roster of investors, including Minnesota Timberwolves owner/billionaire Glen Taylor, Roger Lucas of biotech firm Techne Corp., and former Medtronic Inc. vice chairman Glen Nelson. Former Boston Celtics great Kevin McHale, Spearman’s brother-in-law, also chipped in $400,000.
