Envoy Medical Flat on Retiring Debt
Envoy Medical® Inc. (NASDAQ: COCH) shares dipped Tuesday. The company out of White Bear Lake, Minn., a hearing health concern pioneering fully implanted hearing solutions, today announced it has satisfied and extinguished the outstanding term loans from GAT Funding, LLC, which totaled $32 million in outstanding principal and accrued interest, in exchange for a payment of $100,000 in cash.
GAT Funding is owned by Glen A. Taylor, who also announced his retirement from the Envoy Medical board after two decades of service to the Company.
Said CEO Brent Lucas, "On behalf of the Envoy Medical board, we want to thank Glen Taylor for his years of service and his tremendous support of Envoy Medical over the years. With the extinguishment of the term loans, Envoy Medical has reset its balance sheet and we are now positioned to devote our capital resources to the continued development of our lead product candidate, the investigational Acclaim® cochlear implant.
"Our mission is to transform the hearing industry with groundbreaking, fully implanted technologies. With a stronger financial foundation, we are better equipped to deliver on that mission. We are deeply grateful for Glen Taylor's unwavering belief in the Company—our fully implanted cochlear implant would not have been possible without his steadfast support."
COCH shares fell two cents, or 1.8%, to $1.10.
