SAN JOSE, Calif., Dec. 7, 2022 (GLOBE NEWSWIRE) — Eargo, Inc. (“Eargo” or the “Company”) (EAR) is a medical device company with a mission to improve people’s quality of life. Company. Hearing Impaired, today announced the appointment of several new directors, following the termination of the company’s previously announced rights offering on November 29, 2022. Patient Square Capital became the majority owner of the company following the termination of the Rights Offering and the conversion of Patient Square’s senior lien. Convertible bonds per investment in June 2022.
As previously announced, upon completion of the Rights Offering, Patient Square will have the right to appoint a number of directors to the company’s board of directors proportional to its ownership interest in the company, including Karr Narula, Justin Sabet-Peyman and Trit. Garg, MD will become a member of the Board of Directors effective today (the “Board”). Mr. Sabet-Peyman chairs both the Compensation Committee and the Nomination and Corporate Governance Committee, and Dr. Garg serves as a member of the Compensation Committee and the Nomination and Corporate Governance Committee.
The appointment of Patient Square’s new board members fills the seats vacated by Dr. Josh McCower, Douglas Hughes and A. Brooke Sewell after their respective resignations from the board today.
Additionally, the Company announced the appointment of Donald Spence to its Board of Directors. This will also come into effect today. Mr. Spence will chair the Board of Directors and serve on the Audit Committee. Spence’s appointment increased the size of the Board from his six to his seven.
Eargo President and CEO Christian Gormsen said: We believe their extensive experience across the healthcare industry will bring strategic value to our business as we focus on executing on our omnichannel growth strategy. ”
Dr. Makower, former Chairman of the Board of Directors, added: Patient Square is an experienced and respected partner to provide this support when you need it. I am grateful to have worked with the strong team at Eargo to bring this technology to market and have played a part in it, and now the company is expanding access to millions of people around the world. We believe we are in a strong position to achieve our vision of improving lives. A world with hearing loss. ”
Karr Narula is a founding partner of Patient Square Capital, a healthcare focused investment firm. He has over 18 years of experience in healthcare investments and operations. In his Square at Patient, Narula brings an operational lens to healthcare investment decisions and the firm’s Transformation and Growth (TAG) team that deploys specialized transformation and growth capabilities to unlock value within portfolio companies. is supervising. He currently serves on the board of directors of Access Telecare. Patient Prior to joining Square, he was a private equity firm where he worked for KKR for 13 years and in the Americas where he worked for KKR’s portfolio operations. served. Mr. Narula has a bachelor’s degree in industrial engineering from Stanford University and he has his MBA from Harvard Business School.
Justin Sabet-Peyman is currently Managing Director of Patient Square Capital, a healthcare focused investment firm. Sabet-Peyman previously worked for KKR’s Americas Health Care Team for more than 10 years, where he focused on private equity and growth in his equity investments. Mr. Sabet-Peyman currently serves on the Board of Access Telecare and previously served on the Board of Heartland Dental, PetVet Care Centers, Trilogy MedWaste, Ebb Therapeutics, EchoNous, Arbor Pharmaceuticals, and Lake Region Medical. Mr. Sabet-Peyman graduated from Stanford University with BS and MS degrees in electrical engineering, a Henry Ford II Scholar, and was a Mayfield Fellow.
Dr. Trit Garg is currently Vice President of Patient Square Capital, a healthcare focused investment firm. Prior to joining Square, Dr. Garg was a Principal at HealthQuest He Capital. Previously, Dr. Garg was a Resident Physician in Internal Medicine at Stanford University Hospital. Dr. Garg currently serves on the Board of Access TeleCare. Dr. Garg received his M.D. from the Stanford University School of Medicine and his MBA from the Stanford University Graduate School of Business. He graduated with honors from the University of California, Berkeley, and was a Bachelor’s and President’s Scholar.
Don Spence is a retired executive with decades of leadership experience in the healthcare industry, most recently serving as President and CEO of Ebb Therapeutics until 2019. Prior to joining Ebb Therapeutics, he was Chairman and CEO of Lake Region Medical. , Inc. from 2010 until its acquisition by Integer Holdings Corporation in October 2015. Prior to joining Philips, he held leadership roles at both GKN Sinter Metals and BOC Group, PLC. Mr. Spence currently serves on the boards of Integer Holdings Corp (:ITGR), Vapotherm, Inc. (:VAPO) and Linguaflex, Inc.
About Iago
Eargo is a medical device company with a mission to improve hearing health. Our innovative products and go-to-market approaches address key challenges of traditional hearing aid adoption including stigma, accessibility and cost. Our Eargo hearing aids are virtually invisible, rechargeable, fully intraeustachian-canal, FDA-regulated Class I or Class II exempt devices shown to compensate for mild to moderate hearing loss. I’m sure it is. Our differentiated, consumer-first approach puts consumers in control of their hearing. Consumers can purchase online or by phone and receive convenient, personalized consultation and support from hearing professionals via phone, text, email, or video chat. Eargo hearing aids are offered to consumers at approximately half the cost of competitive hearing aids purchased through traditional US channels.
Eargo’s 6th generation device, Eargo 6, is an FDA Class II exempt hearing aid with Sound Adjust technology that automatically optimizes the soundscape as the user moves between environments. You can buy the Eargo 6 here.
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investor contact
Nick Laudico
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