Advanced Cochlear Systems to Present at Medtech Insight's ''Investment In Innovation'' Conference

From: Business Wire (press release) - USA - Feb 20, 2004

Medtech Insight 2004 Investment in Innovation

SNOQUALMIE, Wash.--(BUSINESS WIRE)--Feb. 20, 2004--

Advanced Cochlear Systems Secures NIH Grant to Fund New Hearing Restoration Device -- Entirely new treatment approach to treat Strial Presbycusis -- hearing loss due to aging

Advanced Cochlear Systems will be presenting on Wednesday, February 25th at Medtech Insight's Prestigious "Investment In Innovation" Event, taking place February 24-25, 2004 at the Hyatt Regency Irvine in Irvine, California.

Advanced Cochlear Systems (ACS) today announced that it has received a Phase II Small Business Innovation Research (SBIR) grant from the National Institutes of Health (NIH) to support its research and development of a new device to treat strial presbycusis (age-related hearing loss). The research grant allows ACS to further the development of an implantable device to return hearing to seniors who have lost their hearing. The estimated U.S. market for the new device is greater than 8 million people.

The grant runs for two years and brings a total of $750,000 to the company and its collaborating institution, the Medical University of South Carolina. Dr. Francis Spelman is the principal investigator of the research effort, while Dr. R.A. Schmiedt leads the project at the Medical University of South Carolina.

Scott Corbett, President of ACS, also announced the issuance of a patent that underlies the ACS effort to bring hearing to the aging. U.S. Patent 6,694,190, "Apparatus and method for treating strial hearing loss," was issued on February 17, 2004, and assigned to ACS. Mr. Corbett said, "The ACS approach to bring hearing to the elderly deaf is revolutionary. No other company that we know of is working to solve this problem. Our goal is to bring full communication to many of the elderly who have lost their hearing. This exciting research complements the work that we are doing now on cochlear implants."

The company also announced that it will be presenting at the upcoming Medtech Insight's "Investment In Innovation" Conference in Irvine, California, on February 25th, as part of the Company's effort to raise 5 million dollars to further development of the company's main product, a new cochlear implant system.

About Advanced Cochlear Systems (ACS)

Located near Seattle, Advanced Cochlear Systems' mission is to develop and commercialize a new generation of implantable hearing devices addressing root causes of hearing impairment. These devices will dramatically improve speech comprehension and sound clarity for the severely hearing impaired population, promoting a significant improvement in quality of life as well as reducing overall cost of care. Founded in 1995, ACS has assembled a team of experts in cochlear neurophysiology, digital speech processing, optoelectronics, medical device packaging, high-density interconnection and bioengineering.

About Medtech Insight

Medtech Insight's "Investment In Innovation (In3): A Preview of Early-Stage Medical Technology Companies" conferences are considered the premier forum for senior executives in the medical technology and investment community to preview emerging medtech companies in need of funding, acquisition and/or strategic partnership. In addition to conferences, Medtech Insight publishes the "medtech insight" newsletter, a monthly publication covering the latest trends and innovations in the medical technology industry, analyses of medtech markets through its Reports group, and offers custom consulting and market research. To register for the Irvine conference or for more information on Medtech Insight, please call Scott Pantel at (949) 219-0150 or (888) 290-2225 toll-free in the U.S., e-mail in3@medtechinsight.com, or visit http://www.medtechinsight.com/in3-10.html.

Contacts

Advanced Cochlear Systems
Scott Corbett, 425-396-5525 or 503-636-6999
corbetts@advcoch.com
www.advcoch.com

© Business Wire 2004