The majority of hearing-impaired individuals who use hearing-aids or undergo surgery to receive cochlear implants expect to hear well. However, the reality is that tens of thousand of patients continue to experience severe difficulty hearing in the real world, away from the clinical setting. This is primarily due to the incorrect adjustment of the settings on the medical device by a clinician. Consequently, audiologists and speech therapists greatly need a hearing test that can quickly and accurately predict how well individuals, with either a cochlear implant or a hearing aid, can hear in a noisy "real world" environment following installation of the medical device. Such a test is especially important for children, as early intervention can reduce slowed learning. It is estimated that if children with hearing loss do not receive early intervention, special education for a child with hearing loss will cost an additional $420,000 in special education costs and result in a lifetime cost of approximately $1 million per child. In adults, hearing loss can begin as early as age 50 and lack of early intervention can lead to loss of jobs, emotional distress and even cognitive disorders. In addition, since life expectancy can realistically reach to age 90 and beyond, an individual could potentially be affected by hearing loss for half of his/her lifetime.
Pure tone hearing tests, which require audiometers and sound proof booths to deliver the tone, are currently used to evaluate hearing loss. These tests evaluate fundamental hearing loss, but cannot predict how well an individual will understand words and sentences in a realistic environment. Current tests also cannot asses whether or not a second cochlear implant or second hearing aid would significantly improve the hearing of a patient. This is important to patients and their families as cochlear implants and hearing aids cost approximately $40,000 and $5,000, respectively, and often are not covered by insurance companies.
Auris Solutions is an early stage hearing care company, which solves these market needs by delivering novel and scalable software-based hearing tests that rapidly and reliably assess hearing in a realistic environment. Unlike other tests, our tests enable the clinician to both optimize the hearing device settings, and make recommendations regarding the purchase of additional hearing devices for their patients. Setting the medical device optimally for each patient can make an enormous difference, in saving them from the emotional and mental problems associated with hearing ineffectively. We believe that our tests will become a mandatory part of an audiology clinic's portfolio of hearing tests, performed following the audiogram tone test.
Auris Solutions is ready to market its first product: CRISP (Children's Realistic Intelligibility and Speech Perception). This rapid and reliable system for clinically testing speech intelligibility of children computerizes the method used to analyze hearing test results, so as to enable a clinical user to more accurately control the presentation of sounds, the storage and analysis of results, and the process by which the child may interactively make choices and receive reinforcement during the test.
Auris Solutions is currently seeking $250,000 to implement our marketing strategy as well as to offset our start-up costs, which include product development, capital equipment purchases and to support the business development plan for current and future products.
Auris Solutions, LLC is a comprehensive and innovative solutions provider for refining hearing loss diagnoses. We pride ourselves on the fact that our products are more rapid, reliable, and efficient than competitors. Our business will be managed to achieve planned growth and long term profitability. We will grow by building upon demonstrated strengths and meeting our customers' needs. As a result, Auris Solutions, LLC will optimize shareholder value and be respected worldwide as a solutions provider company in the hearing industry.
We stand by the following values:
At Auris Solutions, we aim to provide our customers with the best products and related services. Our commitment to quality will begin with our employees, who are our most important assets. Thus, our employees will be accountable in each of the following areas, which are key to our success: