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November 14, 2002

Last notes for Symphonix

From: San Jose Business Journal, CA
Nov. 14, 2002

Liquidation is the last stanza for San Jose-based Symphonix Devices Inc., a maker of a device for the hard of hearing, the company says.

An unsuccessful process of pursuing various strategic alternatives, including potential partner arrangements and a sale of the company outright, prompts the decision to close the doors, it says.

"The slow market adoption of the Vibrant Soundbridge combined with the difficult current financing environment has led us to make this very difficult decision," says Kirk Davis, CEO. "However … we believe that this action is in the best interests of our stockholders."

Symphonix expects to submit the plan of complete liquidation and dissolution of its business to stockholders for approval at a special meeting of the stockholders.

The company developed and sold a device which was designed to enhance signals to the inner ear by directly vibrating the middle ear bones mechanically. About 1,000 people have had the device implanted, the company says.

© 2002 American City Business Journals Inc.