InnerScope Hearing Technologies (OTC: INND) Completes FDA Class II Medical Device Registration for its Hearing Aid Devices

Rhea-AI Summary

InnerScope Hearing Technologies (OTC: INND) has completed FDA Medical Device Registration for its Class II Hearing Aids, including the Nexus HD and HearIQ series. This registration is crucial for launching InnerScope's Self-Fitting Hearing Aids, which allow users to control their hearing experience via a smartphone app. The company anticipates generating over $500,000 in sales revenue from the launch. DTC hearing aids are legal due to a federal court ruling, making them more accessible. CEO Matthew Moore expressed confidence in the company’s position within the DTC and OTC market, aiming for significant revenue growth.

Positive

• Completion of FDA Medical Device Registration enhances market readiness.
• Anticipated $500,000 in sales revenue from Self-Fitting Hearing Aids.
• DTC hearing aids are positioned to meet a significant demand in the market due to federal regulations.

Negative

• None.

ROSEVILLE, Calif., March 3, 2021 /PRNewswire/ -- InnerScope Hearing Technologies Inc. (OTC: INND) ("InnerScope") announced today it has completed and updated the FDA Medical Device Registration for Class II Hearing Aid, Air Conduction with Wireless Technology ("FDA Medical Device Registration"). The completion of the FDA Medical Device Registration (Registration Establishment Number 3014545266) for InnerScope's Nexus HD, HearIQ ITC, HearIQ4, and the HearIQ20, its newest family of rechargeable hearing aid devices, and as well as its Alpha Series of hearing aid devices. The FDA Medical Device Registration is one of the last steps needed for InnerScope to launch its latest in Direct-to-Consumer Hearing Aid Technology with its Smartphone App-Controlled Self-Fitting – Self-Adjusting Rechargeable Hearing Aids with built-in Professional Remote Programming & Support Service ("Self-Fitting Hearing Aids").

InnerScope plans on launching its Self-Fitting Hearing Aids on multiple online platforms with the upcoming announcements of several retailers and on its own newly revamp NoHassleHearing.com (expected to be finished by the end of the month). In preparation for the launch, InnerScope has ramped up its inventory of its Self-Fitting Hearing Aids and Hearing Products for the anticipation of generating over five hundred thousand dollars ($500,000) to InnerScope of sales revenue for the launch.

Direct-to-Consumer Hearing Aid Devices ("DTC") vs. Over the Counter Hearing Aid Devices ("OTC").

Approximately 48 million Americans experiencing age-related hearing loss don't have direct access to affordable hearing aid technology, mainly due to excessive regulations established by some states requiring customers to purchase hearing aids exclusively from state-licensed hearing aid providers. This lack of access to hearing aids has led to the  Over the Counter Hearing Aid Act becoming law, which establishes a new category of OTC hearing aids. The OTC hearing aid legislation will make certain types of hearing aids available over the counter to Americans with mild to moderate hearing impairment. Currently, OTC hearing aids do not exist until the effective date, after the FDA publishes its final regulation (expected early 2021).

However, DTC hearing aid devices sold online are legal. Due to a 2006 Federal Court Decision of state laws requiring state license dispensers to fit hearing aids exclusively, the Federal 8th Circuit Court of Appeals struck down. The court decision determined under federal regulations, an adult patient that wishes to purchase a hearing aid, must either undergo an auditory evaluation or executed a signed waiver prior to being allowed to purchase a hearing aid (21 C.F.R. §801(a)). Therefore, under federal law, an auditory examination becomes optional prior to purchasing hearing(s). In December 2016, further strengthens the court decision with the FDA publishing a guidance document, stating that the agency will not enforce the requirement for a medical evaluation or waiver under 21 C.F.R §801.421.

The court decision paved the way for DTC hearing aid devices to be legally sold online. Although FDA-Registered DTC hearing aid devices have been sold online for a while, they were always at a much higher price point than unregulated personal sound product amplifiers ("PSAPs") sold online. Moreover, until recent advances in smartphone technology, PSAPs and hearing aids sold online ("online hearing products") had no capabilities to be personalized to an individual or their hearing needs. Thus, online hearing products were just amplifiers with preset programs and volume controls.  

InnerScope believes its DTC Self-Fitting Hearing Aids have the same capabilities to deliver a personalized hearing experience unique to an individual hearing needs, just as hearing aids are sold and fit by licensed hearing aid providers. The difference is InnerScope can provide this personalized hearing experience at 60% to 85% lower cost versus hearing aids sold and fit by licensed hearing aid providers.

Since 2018, InnerScope's FDA Registered Alpha Series hearing aid devices have been sold online through its NoHassleHearing.com eCommerce sales platform and sold to Walmart customers through Walmart.com as a direct ship wholesale vendor. When a DTC hearing aid device is FDA-Registered, it carries the same FDA regulations and classifications as hearing aid devices sold and fit by licensed hearing aid providers in brick-and-mortar professional settings. Meaning, there are no restrictions to certain types of hearing aids or any limitations to the amount or degree of hearing impairment, unlike the proposed OTC hearing aid regulations that will allow mild to moderate degree of hearing impairment.

Matthew Moore, CEO of InnerScope Hearing Technologies, commented, "completing FDA Medical Device Registration gives InnerScope a clear path for launching its Self-Fitting Hearing Aids. InnerScope's Self-Fitting Hearing Aids will deliver 21st Century hearing aid technology right to everyone's fingertips just by using their smartphone. Also, by cutting out the middleman (the hearing aid professional/provider), InnerScope can also deliver affordability to the customer without sacrificing hearing quality or satisfaction. InnerScope's Self-Fitting Hearing Aids empowers the user to take full control of their hearing health needs.  Once the FDA publishes its final regulation for the Over the Counter Hearing Aid Act, InnerScope will submit its Self-Fitting Hearing Aids for the new FDA-OTC Medical Device Registration. We believe the solid foundation we built over the last three years has InnerScope in a prime position as a leader in the emerging DTC/OTC hearing aid market. With InnerScope's current and upcoming retail distribution/vendor sales channels will produce consistent and ongoing revenue growth."

 About InnerScope Hearing Technologies (OTC: INND)

InnerScope Hearing Technologies as a manufacturer, distributor, and retailer of FDA-Registered Direct-to-Consumer ("DTC") Self-Fitting–Self-Adjusting Hearing Aids, Self-Fitting–Self-Adjusting Personal Sound Amplifiers Products, Doctor-Formulated Dietary Hearing & Tinnitus Supplements, and Assorted Ear & Hearing Health-Related Products (collectively "Hearing Products") its mission is to improve the quality of life of the 70 million people in North America who suffer from hearing impairment and/or hearing-related issues. The management team of InnerScope is applying decades of industry experience and believes it is well-positioned to directly benefit from the Over the Counter Hearing Aid Act (expected to be enacted in early 2021). InnerScope with its Affordable Self-Fitting – Self-Adjusting Hearing Technology, combined with its innovative point of sale Hearing Screening Kiosks designed for consumers with mild-to-moderate hearing loss to purchase over-the-counter hearing aids without being seen by a hearing care professional. For more information, please visit www.innd.com for more info.

Please be aware our social media accounts are used from time to time for additional material events.

https://twitter.com/inndstock

https://t.me/innerscope  (InnerScope Investor Group Chatroom)

https://stocktwits.com/symbol/INND  

https://www.youtube.com/channel/UCkilAxjZESjMz_Gd7QIYhmw  (InnerScope Official YouTube Channel)

Safe Harbor

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended intended to be covered by the "safe harbor" created by those sections. Any statements that are not historical facts contained in this press release are also "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA). Such statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be canceled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing or maintain contractual relationships with vendors and customers, competition, general economic conditions and other factors that are detailed in our periodic reports filed with the Securities and Exchange Commission ("SEC"). We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA, Securities Act and Securities Exchange Act.

For the Most Up-to-Date Information about InnerScope Hearing Technologies (OTC: INND), please visit and follow our Official Twitter account @inndstock Page.

Registration Establishment Number 3014545266

NoHassleHearing.com 

2006 Federal Court Decision

Over the Counter Hearing Aid Act,

FDA published a guidance document

https://twitter.com/inndstock

Contact:
InnerScope Hearing Technologies, Inc.
Investor Relations
Info@innd.com
+1-(916) 237-8111
www.innd.com

 

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SOURCE InnerScope Hearing Technologies Inc.

FAQ

What recent FDA registration did InnerScope Hearing Technologies complete?

InnerScope completed the FDA Medical Device Registration for its Class II Hearing Aids, including products like Nexus HD and HearIQ.

What is the expected sales revenue for InnerScope's Self-Fitting Hearing Aids?

InnerScope expects to generate over $500,000 in sales revenue from the launch of its Self-Fitting Hearing Aids.

What market does InnerScope serve with its FDA-Registered hearing aids?

InnerScope serves the Direct-to-Consumer hearing aid market, providing affordable options for those with mild to moderate hearing loss.

How does InnerScope's pricing compare to traditional hearing aids?

InnerScope's Self-Fitting Hearing Aids are priced 60% to 85% lower than traditional hearing aids sold by licensed providers.

When does InnerScope plan to launch its Self-Fitting Hearing Aids?

The launch is expected to occur soon, with preparations already underway and inventory ramped up.