- INND purchased all assets and operations of iHEAR Medical, a venture-backed provider of FDA-cleared cloud-based hearing solutions
- Acquisition provides INDD access to over 40 patents developed by acquired company and opportunity to expand market reach by leveraging its distribution channels
- INND appears poised to position itself as leader in DTC hearing space; expects acquisition to rapidly expand Company’s sales and distribution capabilities
InnerScope Hearing Technologies (OTC: INND), a leading manufacturer and distributor of FDA-registered hearing products and Personal Sound Amplifier Products, has acquired all assets and operations of iHEAR Medical Inc. (“iHEAR”), a venture-backed pioneer in the online direct-to-consumer hearing solutions. InnerScope expects the acquisition to expand and solidify the Company’s position as the emerging leader in the market of direct-to-consumer and over-the-counter hearing products. Acquired assets include iHEAR’s FDA-Registered manufacturing facility, R&D center, and shipping operations in San Leandro, California (https://ibn.fm/3oM09).
The California-based iHEAR has a demonstrated track record in bringing novel hearing solutions to the market. It boasts a team that holds more than 100 patents in miniature hearing electronics and medical devices. Often featured in major media outlets such as CNN, New York Times, Dr. Oz Show, USA Today and Inc. Magazine, iHEAR’s founders developed innovations that went on to receive significant recognition, including the Medical Device Excellence Award (https://ibn.fm/tJ7Ev).
With a shared vision and mission to address the global demand for affordable hearing solutions, the two companies have compatible business models that can help InnerScope position itself as a leader in the direct-to-consumer hearing products market. In the words of Matthew Moore, President, and CEO of InnerScope, the transaction will allow InnerScope to unlock synergies and leverage this unparalleled access to cutting-edge innovation in the hearing products space. “The Acquisition of iHEAR Medical brings world-class innovation and access to over 40 patents in hearing technology,” he said. “Our alliance with iHEAR and its technology partners allow us to rapidly expand sales and distribution, particularly through pharmacies and insurance partners.”
Through this acquisition, InnerScope will be able to broaden its product offering to include the only FDA-cleared home hearing screener, iHEARtest(TM), (FDA clears home hearing test) advanced FDA-registered hearing aids, and the TReO(TM) Personal Sound Amplification Product (“PSAP”). The transaction will also enable InnerScope to expand its market reach and leverage iHEAR’s established distribution channels to gain access to partners in retail and wholesale space as well as in insurance and direct online sales. Retail and wholesale partners include names such as CVS Pharmacy, Cardinal Health, AmerisourceBergen, Western States Pharmacy Coalition (“WSPC”), Good Neighbor Pharmacy, FSA Store and Amazon, while insurance partners include insurers such as VIA Benefits, Ameritas and Willis Towers Watson. In addition, the full range of iHEAR-branded products will remain available online at http://iheardirect.com.
Following the acquisition, InnerScope has ambitious plans for the future. “Leveraging the renowned R&D talents of iHEAR Medical, InnerScope plans to develop next-generation hearing products incorporating artificial intelligence (“AI”), advanced sound processing for improved hearing in noise environments, and seamless wireless connectivity to Internet-Of-Things (“IoT”) devices,” stated Moore.
Hearing loss affects around 5% of the global population, the vast majority of which remains untreated due to prohibitive barriers, such as high cost, complex dispensing processes, and lack of access to high-quality hearing products. But left untreated, hearing loss can be associated with a range of social, economic, and health problems. As a leading manufacturer and distributor of FDA-registered hearing products and Personal Sound Amplifier Products (“PSAPs”), InnerScope is dedicated to addressing the global demand for affordable hearing solutions. With the acquisition of iHEAR Medical, InnerScope appears well-positioned further to expand its leadership in the direct-to-consumer hearing solutions market.
InnerScope launched its hearing aids on FSAstore.com, HSAstore.com, and WellDeservedHealth.com to consumers enrolled in flexible spending accounts (“FSA”), health saving accounts (“HSA”), and employers’ health incentive programs.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://ibn.fm/INND
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