- Published on 25 February 2020
InnerScope Hearing Technologies' promised over-the-counter onslaught on the US hearing aid market requires a $15m investment which, says the company, will be found from private placement offerings.
Chomping at the bit ahead of the imminent release by the Food and Drugs Administration (FDA) of a legal framework for the sale of over-the-counter hearing aids, InnerScope Hearing Technologies Inc. (INND) maintains its plans "to disrupt the $10 billion hearing aid industry by providing the public with FREE access to in-store hearing screening tests and affordable off-the-shelf direct-to-consumer hearing aids to nearly 50 Million Americans with hearing issues". The firm's announcement that it aims to draw investment from private, not public, backers was accompanied by a statement indicating that Innerscope needs the funding not only for growth, but also to retire its "remaining convertible debt".
The InnerScope project is dependent on a favourable application of the "game-changing" Over the Counter (OTC) Hearing Aid Act, which is expected to be effective no later than August 2020. The company must deploy its product in thousands of retail location in the USA and Canada. This principally means big-box points of sale for InnerScope's "self-fitting FDA-registered hearing aids, self-fitting PSAPS, hearing-related treatment therapies, doctor-formulated dietary hearing and tinnitus supplements, proprietary CBD oil for tinnitus and assorted ear and hearing aid related products", many of which are already sold by InnerScope through Walmart.com, Sears.com, Kmart.com and Amazon.com.
Employed to find the finance required is the Toronto-based capital raiser DigiMax, which believes InnerScope has a "a solid plan for continued growth".
"We are thrilled to have DigiMax assist us in our equity capital raising efforts," said Matthew Moore, CEO of InnerScope Hearing Technologies. "We are extremely confident in DigiMax's ability to raise the total $15 million dollars for InnerScope in the next 90 days." The funding, Moore believes, "will allow InnerScope the opportunity to quickly take control of the market, thus increasing shareholder value by paying off the remaining variable convertible debt."
For DigiMax, CEO Chris Carl affirmed: "We believe InnerScope management has a solid plan for continued growth and we are pleased to have the opportunity to assist InnerScope is raising $15 million dollars in Private Placement Offerings."
Source: Globe Newswire