Two Prominent Navy Hospitals in San Diego, Calif. and Portsmouth, Virginia Have Been Designated to Implant the Hearing Device
SAN JOSE, Calif., (August, 8, 2002) Symphonix® Devices Inc. (NASDAQ: SMPX) developers of the world¹s first, FDA-approved, middle-ear implant for those with moderate to severe sensorineural hearing loss announces that the Department of Defense has validated treatment and approved coverage for the Vibrant Soundbridge product for both active and retired military personnel in all branches of the military.
Currently, otologists and audiologists at two facilities, the San Diego Naval Medical Center in Southern California and the Medical Center Portsmouth Naval in Virginia, will perform the procedures and program the devices, with other facilities to follow. The Medical Center Portsmouth Naval, one of the country's first commercial device implanting centers of the Vibrant Soundbridge, has recently concluded a successful pilot program with the device, and will build on their experience to offer an expanded practice going forward.
"The approval by the DoD, spearheaded by the Naval hospital in San Diego, signals a real commitment by the U.S. government to take care of their servicemen and women, even years after active duty," said Kirk Davis, chief executive officer of Symphonix. "Given the rigors of many of their jobs, current and former military personnel are perhaps the most ideal candidates to receive the Vibrant Soundbridge implant and enjoy all the benefits it has to offer."
There are 1.4 million active and over 2.0 million retired military personnel today. Recent studies conducted by the U.S. Navy Environmental Health Center indicate that Navy servicemen and women suffer hearing loss at a rate of double that of the civilian population.
"The DoD acceptance comes on the heels of our launching pilot programs with the Veterans Administration and Kaiser Hearing Centers of Northern California," said Terence Griffin, chief financial officer for Symphonix Devices. "We look forward to continuing our efforts at expanding coverage by third parties."
Active duty military and retired personnel, as well as dependents, are eligible for coverage of the procedure commencing with the DoD's fiscal year October 1, 2002.
The Vibrant Soundbridge represents a new approach to hearing improvement the implantable middle ear hearing device. Unlike conventional acoustic hearing aids, which increase the volume of sound that goes to the eardrum, the Vibrant Soundbridge bypasses the ear canal and eardrum by directly vibrating the small bones in the middle ear. Because of its design, no portion of the device is placed in the ear canal itself. The Vibrant Soundbridge has been approved by the FDA as a safe and effective treatment option for adults with moderate to severe sensorineural hearing loss who desire an alternative to acoustic hearing aids.
Individuals with moderate to severe sensorineural hearing loss who are interested in an alternative to hearing aids, can obtain more information about the Vibrant Soundbridge middle ear implant by calling Symphonix Devices, Inc. at 1-800-833-7733, or by visiting the Symphonix Web site at www.symphonix.com.
About Symphonix Devices, Inc.
Founded in 1994, Symphonix(R) Devices Inc., is a hearing technology company dedicated to providing a family of products to improve communication ability and quality of life for the millions of hearing-impaired people limited by current hearing solutions. Symphonix' Vibrant(R) Soundbridge(TM) 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 medical procedure. More information about Symphonix can be found at www.symphonix.com or by calling (800) 833-7733.
Statements made in the press release regarding the future performance of our business, including our marketing and reimbursement initiatives, 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 by otologists, audiologists and the hearing impaired, including those otologists, audiologist and hearing impaired in the United States Military. Further information on potential factors that could affect the Company's financial results is included in the Company's Form 10-Q for the quarter ending March 31 2002, and Form 10-K for the 2001 fiscal year filed with the Securities and Exchange Commission.
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Symphonix and Vibrant are registered trademarks of Symphonix Devices, Inc. Soundbridge is a trademark of Symphonix Devices, Inc.
For more information:
Media Contact
Eric Gertsman
Neale-May & Partners
+1-415-646-0055, ext. 502
egertsman@nealemay.com
Investor Relations Contact
Terry Griffin
CFO
Symphonix Devices Inc.
+1-408-232-0710
