SAN LEANDRO, Calif., Feb. 7, 2012 /PRNewswire/ -- iHear®Medical announces the completion of its second round of financing totaling $1.8M. The new funding will enable the company to complete the development of its advanced hearing products for treating a multitude of hearing losses. "The new hearing aid technology and distribution strategy are designed to break existing barriers for millions of potential consumers with hearing loss," stated iHear Medical founder and medical device entrepreneur, Adnan Shennib.
The company also welcomed Jonathan Leong to its board of directors. Mr. Leong is the founder of many successful Bay Area businesses including commercial insurance firms serving Pacific Gas & Electricity, City of San Francisco, Bay Area Rapid Transit District (BART), the Port of Oakland, and Self Help for the Elderly. Mr. Leong was awarded the "Excellence 2000 Award" by the U.S. Pan Asian American Chamber of Commerce for outstanding service to the community for his involvement as founder of the Asian American Donor Program (AADP) which has saved hundreds of lives. "I have been studying the hearing aid market for years, and I am excited to join iHear Medical which addresses the importance of communication through hearing and solving challenges for the hearing impaired," stated Jonathan Leong.
About Hearing Loss
Recent studies and industry reports indicate over 40 million Americans, approximately one in three adults, suffer from hearing loss with prevalence predicted to rise significantly due to an aging population and the growing use of personal listening devices. Leading researchers are increasingly concerned that the US may be facing an epidemic of hearing impairment. Hearing loss is associated with a wide range of social, economic, and health problems caused by communication barriers and reduced access to health care for those suffering from hearing loss.
About iHear Medical, Inc.
iHear Medical is a venture-backed firm incubated by the Center for Medical Device Innovations, Inc. (CMDI) which focuses on developing novel platform technologies to create paradigm shifts in healthcare delivery. iHear Medical is founded by Adnan Shennib who led the development of major medical device innovations in Silicon Valley with over 100 issued and pending patents to date. Early backers of iHear Medical include Aphelion Capital and Highlight Capital. Shennib also founded InSound Medical in 1998 where he invented and developed the Lyric® hearing device, a recipient of Medical Device Excellence Award and featured in major media outlets including CNN, New York Times, Dr Oz Show, USA Today and Inc. Magazine. InSound Medical acquisition by Sonova-Phonak was completed in 2011for a total of $169M. iHear Medical is Shennib's latest venture dedicated to creating affordable and accessible hearing aid solutions for consumers.
iHear® is a registered trademark of iHear Medical, Inc.
Lyric® and InSound® are trademarks of InSound Medical, Inc.
SOURCE iHear Medical, Inc.