Songbird Hearing Being Resurrected?
Editor: It sure looks like Songbird Hearing is on its way back. You may
remember them as the folks who a few years ago sold a quality hearing aid
for less than $50. The hearing aid had an integral battery that lasted for
a month or two, so it had limited application. Still, it was another
option. It'll be interesting to see how the revitalized company markets
its products.
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NewSpring Capital of Radnor, PA and Short Hills, NJ announces today
that Commerce Health Ventures, the dedicated healthcare venture fund of
the NewSpring Capital fund family, has led the recapitalization of
Songbird Hearing, Inc. ("Songbird") of New Brunswick, NJ. Songbird is the
leading developer of disposable hearing devices and ancillary products
designed to address the needs of people with mild to moderate hearing
loss. Founded in 1997, Songbird has invested in excess of $40M in the
development of its proprietary hearing applications that feature the ease
and efficiency of a disposable device in contrast to conventional hearing
aids. Joining Commerce Health Ventures in the recapitalization is The
Provco Group, an investment partnership headed by Richard Caruso, current
Chairman and founder of Integra Life Sciences Corporation (NASDAQ: IART)
and recent winner of the Ernst & Young, United States Entrepreneur of the
Year.
"We are extremely pleased to complete this financing which creates the
ability to launch our new products directly through consumer channels,"
said Christopher DiCostanzo, Songbird's Chief Executive Officer. "The
sophisticated re-design of our products, along with the consumer directed
healthcare experience of our new investors should provide the necessary
resources to bring new solutions to consumers with mild to moderate
hearing loss."
According to Brian G. Murphy, General Partner of NewSpring Capital and
new Chairman of Songbird, "NewSpring and Provco are excited about the
Songbird investment as it is rare to find a company with this much
advanced technology alongside such a compelling consumer opportunity. The
unique characteristics of the Songbird device will appeal to the aging
population who are seeking solutions that help them maintain active and
interactive lifestyles." The new investment capital will finance working
capital and product launch. Songbird will introduce a disposable hearing
device with traditional media and web-based tools.
About Songbird Hearing, Inc.
Songbird Hearing Inc, based in New Brunswick, NJ, was founded in 1997
as a spinoff of the Sarnoff Corporation with a mission to become a
worldwide consumer hearing care franchise. With its patented technology
Songbird has developed the world's only digital disposable hearing device
offering consumers a solution that is low cost and high quality. The
Company's products allow the millions of consumers who want to hear better
an avenue to ease their way into better hearing, without the hassles and
commitments that come with traditional hearing aids.
