Envoy Medical gets $10 million five-year debt facility

By Marisa Wong

Los Angeles, March 4 – Envoy Medical, Inc. closed an up to $10 million five-year lending facility provided by existing investor Glen Taylor, according to a press release.

The facility is unsecured and does not provide for conversion into equity.

Funds will be available as needed and bear interest at 8% over the term of the loan.

Envoy Medical drew $5 million on the facility at its origination.

“This new financing will support the launch of our upcoming U.S.-based pivotal clinical trial for our innovative investigational fully implanted Acclaim cochlear implant,” chief executive officer Brent Lucas said in the release.

“The terms, which we believe are friendly and favorable to the company, of this financing also demonstrate the continued commitment of our largest investor to step up and make sure we are well positioned to move forward.”

The hearing health company is based in White Bear Lake, Minn.

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