Earlens Corporation, Inc., a privately held medical technology company that created and commercialized a revolutionary hearing aid, today announced the final close of its $73 million Series C preferred stock financing, and establishment of a structured debt facility with CRG LP for up to $45 million. Proceeds from those financings will support expanded commercialization of the Earlens® Light Driven Hearing Aid, manufacturing scale-up, and next generation R&D pipeline.
New equity investors to Series C included Vertex Healthcare as lead, Cochlear Ltd, CRG, RK Mellon, Windham Venture Partners, and Sightline Partners. Participation by major existing investors included New Enterprise Associates, Aisling Capital, Lightstone Ventures, and Medtronic.
"The Earlens® Light Driven Hearing Aid is the first product to deliver the sound quality experience hearing impaired patients have been seeking," said Luke Duster, Managing Director at CRG. "We believe this technology can dramatically transform the way hearing impairment is addressed. This financing will help Earlens expand its commercial operations while enhancing its product pipeline."
"We are pleased to partner with CRG which has unrivaled healthcare investing expertise," said Bill Facteau, CEO of Earlens Corporation. "This investment further confirms Earlens is addressing a real patient need through proprietary, differentiated technology. We look forward to expanding our commercial footprint and bringing the Earlens Light Driven Technology to many more patients, their families and loved ones."
Unlike conventional hearing aids that use a small speaker to amplify sound, the Earlens Hearing Aid uses focused light and a small lens resting on the eardrum. Together, they create a rich, natural sound while providing the greatest frequency range of any hearing aid. This technology also eliminates the major source of whistling afflicting conventional hearing aids. Clinical studies have shown Earlens can make it easier for people with mild to severe sensorineural hearing impairment to understand people in noisy environments, and participate in group situations.
About CRG
CRG is a premier healthcare-focused investment firm with more than $3 billion of assets under management across more than 45 portfolio companies. The firm seeks to commit between $20 to $300 million in each company and invests across the healthcare spectrum, including: medical devices, biopharmaceuticals, tools & diagnostics, services and information technology. CRG provides growth capital in the form of long-term debt and equity to support innovative, commercial-stage healthcare companies that address large, unmet medical needs. The firm partners with public and private companies to provide flexible financing solutions and world-class support to achieve exceptional growth objectives with minimal dilution. CRG maintains offices in Boulder, Houston and New York. For more information, please visit www.crglp.com.
About Earlens
Earlens Corporation is a privately held medical device company committed to providing hearing impaired patients a superior hearing solution. The company has developed the Earlens Light-Driven Hearing Aid, the first hearing device to use light to transmit sound. In late 2015, the FDA cleared a De Novo premarket submission allowing Earlens to market their Light-Driven Hearing Aid. Incorporated in 2005, Earlens Corporation is headquartered in Menlo Park, California.
