Hearing implant maker Cochlear Ltd. (ASX:COH) has seen shares rise nearly 4% after the company won FDA approval for its Nucleus 7 sound processor, according to a Motley Fool Australia report.
The newly cleared N7 processor is superior to its prior N6 version, and is compatible with Apple’s iOS, while its telecoil is optimized for loops, according to the report.
Shares rose as much as 3.9% yesterday in response to the news. So far this year, the company has seen its shares rise 26%.
The company has not yet commented on the approval officially.
Last August, Cochlear said it won FDA premarket approval for its magnetic resonance imaging-compatible Nucleus cochlear implant.
The devices won clearance for use with up to 3.0T MRI machines with the unit’s magnet removed, and up to 1.5T machines with the use of the Centennial, Colo.-based company’s Cochlear Nucleus Implant Bandage and Splint Kit
