Audientes A/S and SensoDetect AB Announce Strategic Collaboration to Enhance Mental and Hearing Health Solutions in Saudi Arabia and Beyond
Press release no. 01-2024
June 3, 2024
June 3, 2024 - Copenhagen, Denmark - Audientes A/S ("Audientes"), an innovative Danish manufacturer of affordable, self-fitting hearing aids and hearables, and SensoDetect AB ("SensoDetect"), a pioneering Swedish company in mental health diagnostics including observations in ADHD, schizophrenia, and autism assessments, are pleased to announce a strategic collaboration to advance mental and hearing health solutions, with an initial focus on the Saudi Arabian market and plans for expansion across the Middle East and North Africa (MENA).
This partnership, formalized through a Letter of Intent (LOI), marks a significant step towards integrating Audientes' advanced hearing health technology with SensoDetect's groundbreaking mental health diagnostics. Together, the companies aim to provide comprehensive healthcare solutions that address both mental and hearing health, leveraging their combined expertise and innovative technologies.
Key Objectives of the Collaboration:
1. Integrated Health Solutions: the collaboration will develop integrated services for mental and hearing health detection and alleviation, combining Audientes' hearing health solutions with SensoDetect's mental health diagnostics.
2. Market Expansion: initially targeting Saudi Arabia, the collaboration will expand to the broader MENA region, with future plans for Asia and Europe. The focus will be on developing a culturally nuanced sales and marketing strategy, ensuring the solutions are tailored to meet regional healthcare standards and cultural norms.
3. Collaboration with Renowned Institutions: building on SensoDetect's existing partnerships with Princess Noura University Hospital (PNUH) and King Abdullah Bin Abdulaziz University Hospital (KABAUH), the collaboration will engage with these institutions for clinical trials, research, and product development feedback.
4. Joint Research and Development: the partnership will co-develop "full spectrum" products and services based on SensoDetect's BERA solution and Audientes' Ven or Companion hearing devices. The development process will incorporate insights from medical professionals and align with healthcare standards.
5. Co-Marketing and Go-to-Market Strategy: the companies will jointly develop a sales and marketing strategy, organize collaborative events, and conduct awareness campaigns to promote their integrated health solutions.
6. Shared Resources and Expertise: both parties will exchange market insights and share resources to better understand, and cater to, the public and private healthcare sectors.
Timetable and Next Steps:
The parties will commence negotiations for a detailed Collaboration Agreement as soon as possible. The tangible collaboration activities are set to begin in Q2 2024, with a focus on leveraging existing collaborations and establishing a joint operational team to oversee the implementation of the partnership.
Meet the growing demand for integrated mental and hearing health services:
"Collaborating with Audientes aligns with our mission to innovate and provide comprehensive health solutions. Together, we will leverage our technologies to meet the growing demand for integrated mental and hearing health services in Saudi Arabia and beyond. In the short term I see an opportunity to strengthen our current offering with hearing aids and in the long term a smaller even more user-friendly device catering for the complete clinical flow. In short a device and service that will open up new markets," commented PA Hedin, CEO of SensoDetect.
"This collaboration represents a significant opportunity to enhance healthcare outcomes by integrating hearing and mental health solutions. We are excited to work with SensoDetect to bring our combined expertise to the Saudi Arabian market and beyond," said Steen Thygesen, CEO of Audientes.
For further information, please contact:
Steen Thygesen,CEO, Audientes A/S
Email:st@audientes.com
Phone: +45 77 34 16 80
Per-Anders Hedin, CEO, SensoDetect AB
Email: pa.hedin@sensodetect.com
Phone: +46 73 068 64 20
About SensoDetect AB
SensoDetect AB, a Med Tech AI company listed on the Spotlight stock market (SDET), was established in Lund in 2005. Building upon over 30 years of research in clinical psychoacoustics at Lund University's Department of Neuroscience, the company initially focused on patients with schizophrenia due to the prevalence of auditory hallucinations in this condition. Today, SensoDetect provides various services in diagnostics, medication, and health products. Its offerings are utilized in both private and public healthcare settings as a supplementary tool for observations in ADHD, schizophrenia, and autism assessments, measuring drug efficacy, and screening hearing. SensoDetect's uniquely patented technology not only lessens the economic burden on healthcare systems and society but also delivers quicker and safer results for patients and their families.
For additional information please refer to the company's website, https://www.sensodetect.com/
About Audientes A/S
Audientes A/S is a Danish hearing health company specializing in smart, self-fitting and affordable hearing aids and advanced hearables. Audientes' unique hearing aid solution, Ven™ by Audientes, is available for purchase in the Indian and Nepalese markets and will be introduced in other markets in the coming years. Companion by Audientes is an advanced hearable, a consumer electronics product, that is commercially available in Europe and later in 2024 in Japan, China, and other markets.
Audientes' mission is to make high-quality hearing aids and hearables for hearing improvement or hearing enhancement accessible to everyone who needs them globally. Audientes is listed on Spotlight Stock Market Denmark (AUDNTS) and headquartered in Copenhagen, Denmark with subsidiaries in Hyderabad, India and in Tokyo, Japan.
For additional information please refer to the company's websites, www.audientes.com, www.audientes.eu or www.audientes.in.