WHITE BEAR LAKE, Minnesota - Envoy Medical (TASE:PMCN) Corporation (NASDAQ: COCH), a company specializing in hearing loss solutions, has announced the issuance of four new patents aimed at enhancing cochlear implant systems. The U.S. Patent & Trademark Office granted the company patent number 12,151,102 on November 25, 2024, for a system that updates the transfer function of an implanted cochlear device in response to an external hearing aid.
Additionally, the European Patent Office has confirmed it will grant three patents to Envoy Medical on January 1, 2025. These patents cover advancements in cochlear implants, including systems for calibrating stimulation and diagnosing electrode impedance, which are crucial for the effective functioning of these devices.
Brent Lucas, CEO of Envoy Medical, stated that the company is committed to investing in the development and protection of its intellectual property. He emphasized Envoy Medical's ambition to be a leading innovator in the hearing loss sector for the long term.
Envoy Medical is known for its fully implanted Acclaim® Cochlear Implant (Acclaim CI), which is considered a first-of-its-kind hearing device. The Acclaim CI, which received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019, is designed for adults with severe to profound sensorineural hearing loss. It is currently classified as an investigational device and is limited to investigational use in the United States.
The company also highlighted its Esteem® Fully Implanted Active Middle Ear Implant (FI-AMEI), the only FDA-approved, fully implanted hearing device for adults with moderate to severe sensorineural hearing loss. The Esteem FI-AMEI is designed to provide continuous hearing capability without external components or devices placed in the ear canal.
These patents represent Envoy Medical's ongoing efforts to improve hearing technology and expand its portfolio of innovative hearing solutions. The information in this article is based on a press release statement from Envoy Medical.
In other recent news, Envoy Medical has been the focus of several significant developments. The company's annual stockholders meeting resulted in the election of two directors, the ratification of Grant Thornton LLP as the independent auditor, and approval of executive compensation. The meeting also saw stockholders recommend an annual advisory vote on executive compensation.
Envoy Medical's third-quarter earnings report led to an adjustment in the price target by Brookline Capital Markets, reducing it from $9.00 to $6.00, while maintaining a Buy rating. This was mainly due to changes in the timeline for the company's Acclaim Cochlear Implant.
Envoy Medical also received approval from the American Medical Association for five new CPT codes for active middle ear implants, a significant development for its Esteem product. This approval is expected to facilitate insurance reimbursement, potentially increasing market adoption.
Analysts from Ascendiant Capital and Lake Street Capital Markets have maintained a Buy rating on Envoy Medical's stock, with Ascendiant Capital raising its price target to $8.75, and Lake Street Capital Markets increasing its price target. These adjustments reflect the potential of Envoy's Esteem product and the expected FDA approval for the company's Acclaim product around 2026.
Finally, Envoy Medical amended its agreement with investment entities under the Meteora brand, revising the exercise price terms of certain warrants. These recent developments highlight the company's ongoing efforts in the medical device industry.
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