Intricon Self-Fitting Technology for Over-The-Counter Hearing Aids Clears Clinical Trial Milestone

Rhea-AI Summary

Intricon Corporation (NASDAQ: IIN) announced the completion of a critical milestone in its clinical study for proprietary software enabling self-fitting hearing aids. This technology allows users to adjust their hearing aids using a mobile device. The study, conducted in partnership with clEAR/Amptify, involves 120 participants and aims for FDA clearance by the end of 2021. The new over-the-counter hearing aids are expected to be more affordable, with devices like the HearX Lexie Lumen retailing for $799 compared to traditional options at $4,800.

Positive

• Completion of usability validation for self-fitting hearing aid software.
• Anticipated FDA guidance enabling OTC hearing aid sales without audiologist visits by mid-November.
• Potential for significant cost reduction in hearing aids, from $4,800 to $799.

Negative

• None.

New software will strengthen Intricon’s ability to meet consumer demand for hearing aids sold at retail and online

ARDEN HILLS, Minn., Sept. 30, 2021 (GLOBE NEWSWIRE) -- Intricon Corporation (NASDAQ: IIN), a joint development manufacturer of micromedical technology for use in interventional, implantable, and body-worn medical devices, announced that it has achieved a critical milestone in the clinical study of its proprietary software that will allow people to self-fit hearing aids that are sold over-the-counter at retail stores and online.

Summative Usability Validation has been completed, which demonstrates that users can safely and correctly use the Intricon self-fitting technology, and the clinical trial of the software can move forward. The milestone is meaningful in the progression of the study, which is expected to be complete by the end of 2021, in time for the anticipated FDA guidance that will allow consumers to purchase and program hearing aids themselves, at a lower cost and without the need for an audiologist.

The study is being conducted by Intricon research partner clEAR/Amptify, involving 120 participants with mild to moderate hearing loss. The software will allow consumers to test their hearing and set their hearing aids accordingly using a mobile device.

The trial is part of the company’s plan to secure FDA clearance in time to meet the expected market demand for over-the-counter hearing aids. Last month, President Biden ordered the FDA to produce regulations by mid-November for over-the-counter (OTC) purchases of hearing aids without a prescription or a visit to an audiologist.

In the meantime, new hearing devices have entered state markets, including the HearX Lexie Lumen, now in selected states, that features Intricon hardware, firmware and wireless technology. The Lexie Lumen is sold in Walgreen’s stores and online for $799 per pair, compared to the average $4,800 per pair for hearing aids that require audiologist assistance.

“Advanced self-fitting software will be imperative for when hearing aids are available to the mass market,” said Scott Longval, CEO of Intricon, adding that an “ecosystem of care” must be developed to fully support the consumer experience and success with OTC hearing aids. This ecosystem includes the right combination of the latest software, hardware, online self-service for fittings and settings, partnerships for branding, and retail distribution.

“While we wait for the FDA to move forward, we’re continuing to advance the technology to make OTC hearing aids easy to use for the 3 out of 4 people in the U.S. with mild to moderate hearing loss who are not yet using hearing devices.”

About Intricon Corporation
Intricon is a Joint Development Manufacturer that integrates micromedical components and assemblies to advance technology across a range of device platforms for global customers. Intricon approaches each engagement with an all-in commitment, working with customers every step of the way - from the earliest idea stages to ongoing production - in order to advance program performance and deliver results. With a focus on key device platforms, Intricon helps advance clinical outcomes by always looking ahead with proactive support and resources through integration of its core competencies. Intricon has facilities in the United States, Asia and Europe. The company's common stock trades under the symbol "IIN" on the NASDAQ Global Market.

Media Contact
Beth LaBreche
(612) 578-2834 
beth@labreche.com

Investor Contact
Leigh Salvo
(415) 937-5404 
investorrelations@intricon.com 

FAQ

What is Intricon's goal with the self-fitting hearing aid software?

Intricon aims to enable consumers to self-fit hearing aids sold online and in retail stores, making them more accessible.

When is the expected completion date for the clinical study?

The clinical study is expected to be completed by the end of 2021.

What is the significance of the FDA guidance for Intricon?

The FDA guidance is crucial as it allows OTC hearing aids to be sold without a prescription or audiologist visit, expanding market access.

How does the pricing of new hearing aids compare to traditional options?

New OTC hearing aids like the HearX Lexie Lumen are priced at $799 per pair, significantly lower than the average $4,800 for traditional hearing aids.