The Cochlear Limited (ASX: COH) share price is pushing higher on Wednesday morning.
At the time of writing, the hearing solutions company’s shares are up 1% to $208.79.
Why is the Cochlear share price rising today?
Investors are bidding the Cochlear share price higher today after it released an update on its Nucleus Implants.
According to the release, the U.S. Food and Drug Administration (FDA) has approved Cochlear’s Nucleus Implants for the treatment of unilateral hearing loss (UHL)/single-sided deafness (SSD).
Cochlear’s implants are already FDA approved for those with moderate to profound bilateral sensorineural hearing loss. However, with this approval, for the first time Cochlear can expand implantable treatment options for those with UHL/SSD to include cochlear implants, which is a significant market.
UHL is classified as hearing loss in one ear and near to near-normal hearing in the opposite ear. Whereas SSD is specific to individuals with severe to profound hearing loss in one ear and normal or near-normal hearing in the other ear. Every year, about 60,000 people in the United States acquire SSD.
Cochlear Americas’ Vice President, Clinical Affairs, Christine Menapace, commented: “It is not often that approvals to expand indications and increase awareness about effective treatments for hearing loss come along. Now with this approval, Cochlear is proud to offer the most hearing implant options available to those with unilateral hearing loss/single-sided deafness through our cochlear implant and bone conduction solutions.”
“It is important that those with this type of hearing loss recognize the impact to their lives and understand there are several options available to them, and we encourage them to talk to their hearing health professional today to find out what would work best for them,” she added.
The post Cochlear (ASX:COH) share price higher on FDA approval appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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