Hearing implant maker, Cochlear, has announced today that the company will be undergoing capital raising efforts to ensure the company “remains strong during and after the COVID-19 pandemic.” The company looks to raise over $500M USD ($850M AUS).
The company, which had reduced its profit forecast in early February due to the impact of the coronavirus in the Chinese market, last week announced that it had lost its appeal in a $268M (USD) patent infringement case in the US Court of Appeals.
The company hopes the fundraising will allow it to weather the significant impact the COVID-19 pandemic is having on implant surgeries globally, particularly in the US and Western Europe.
“We recognise that our recipients rely on us for support throughout their lifetime. To this end, we have taken this decision to ensure we continue to support you for the long-term.
This decision also supports our ability to maintain our dedicated workforce and continued investment in key initiatives. We are continuing our research and development programmes and infrastructure builds to help more people around the world access life-changing hearing devices.”
–Dig Howitt, Cochlear President & CEO
The full statement on the company’s fundraising efforts, can be viewed here.