SAN JOSE, Calif. - - Symphonix Devices, Inc. (NASDAQ:SMPX) today announced $31 million in private equity financing in two transactions. Symphonix develops and manufactures the Vibrant® Soundbridge™, an implantable hearing device designed to treat moderate to severe sensorineural hearing loss, which is the most common form of hearing impairment.
Siemens Audiologische Technik GmbH has invested an additional $5 million in Symphonix, which satisfies part of a definitive agreement between the two companies, previously announced on November 15, 1999.
Symphonix has also entered into a definitive agreement for $26 million in a separate transaction led by Patricof & Co. Ventures, Inc. and J. P. Morgan Capital, LP. Also participating in the financing round is Special Situations Funds. This agreement is subject to shareholder approval, and will be voted on during a special shareholder meeting later this fall.
'We are very pleased with these latest investments in our company's growth,' said Kirk Davis, the company's president and chief executive officer. 'Coming on the heels of our recent FDA approval, this support gives us even greater capability to execute an aggressive marketing and sales strategy and bring the Vibrant Soundbridge to millions of hearing impaired individuals domestically and worldwide.'
About Symphonix
Founded in 1994, Symphonix Devices, Inc. is a hearing technology company dedicated to developing a family of products to improve communication ability and quality of life for the millions of hearing-impaired individuals limited by current hearing solutions. Symphonix' Vibrant Soundbridge is a surgical implant designed to work with the natural structures of the middle ear to enhance hearing and communication ability for people with hearing impairment. The device can be implanted during a short, outpatient surgical procedure. Worldwide, more than 400 patients have been implanted with the Vibrant Soundbridge. More information about Symphonix can be found at www.symphonix.com, or by calling 1-800-833-7733.
Except for historical information, statements made in this press release are 'forward looking statements' and are subject to a number of uncertainties that could cause actual results to differ materially from the statements made. Such risks and uncertainties include, but are not limited to, the Company's products failing to achieve widespread market acceptance. For further information, refer to the risk factors described in the Company's Form 10Q for the quarter ended June 30, 2000.
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Vibrant is a registered trademark of Symphonix Devices, Inc. Soundbridge is a trademark of Symphonix Devices, Inc.
Symphonix Devices, Inc. Announces $31 Million in Financing
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