EXCLUSIVE: Envoy Medical Retires $32 Million Debt, Glen Taylor Steps Down From Board After Two Decades

Envoy Medical Inc. COCH on Tuesday announced it has satisfied and extinguished the outstanding term loans from GAT Funding, LLC totaling $32 million in outstanding principal and accrued interest, in exchange for a payment of $100,000 in cash.

GAT Funding is owned by Glen A. Taylor, who also announced his retirement from the Envoy Medical board after two decades of service to the company.

Envoy Medical's outgoing Chairman Emeritus, Glen Taylor, commented, "With the strong momentum in the company's pivotal clinical trial and the company's now improved financial position, I am retiring from the Envoy Medical board with great confidence in its future."

Last week, Envoy Medical announced the issuance of three new patents across the United States, Australia, and Hong Kong, expanding the company's global intellectual property portfolio and marking another strategic step in delivering next-generation cochlear implant solutions.

In June, Envoy Medical announced that five Category III CPT codes for totally implantable active middle ear implants approved by the American Medical Association (AMA) Current Procedural Terminology (CPT) Editorial Panel will be effective on July 1, 2025.

Healthcare professionals and insurers use CPT codes to identify, track, and pay for medical services and procedures. Insurance reimbursement can be challenging if a medical service or procedure does not have coding.

The update marked the first time that CPT codes will be available for totally implantable active middle-ear hearing implants like the company's Esteem device.

Price Action: At the last check on Tuesday, COCH stock was down 2.68% at $1.09 during the premarket session.

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