Earlens Corporation, Inc., a Menlo Park, CA-based medical technology company, closed $118M debt and equity financing.
The deal included:
– a $73m Series C financing led by Vertex Healthcare with participation from Cochlear Ltd, CRG, RK Mellon, Windham Venture Partners, Sightline Partners, New Enterprise Associates, Aisling Capital, Lightstone Ventures, and Medtronic, and
– the establishment of a structured debt facility with CRG LP for up to $45m.
The company intends to use the proceeds for:
– the commercialization of the Earlens® Light Driven Hearing Aid,
– manufacturing scale-up, and
Incorporated in 2005 and by Bill Facteau, CEO, Earlens provides hearing impaired patients with Earlens Light-Driven Hearing Aid, a hearing device that uses light to transmit sound. In late 2015, the FDA cleared a De Novo premarket submission allowing Earlens to market their Light-Driven Hearing Aid.