Neuromod Devices raises €30m to improve access to tinnitus treatment
Neuromod Devices raises €30m to improve access to tinnitus treatment unknown
Irish medical device company Neuromod Devices has closed a €30m financing round to expand the availability of its tinnitus treatment device..
innitus, the perception of sound without an external source, is often referred to as ‘ringing in the ears’ and impacts around 10pc to 15pc of the global adult population.
The device, known as Lenire, is used to reduce the severity of tinnitus. It works by delivering mild electrical pulses to the tongue, while patients simultaneously listen to auditory stimulation through headphones
Neuromod reported that €15m expansion of its series B funding was led by Panakés Partners, with participation from existing investor Fountain Healthcare Partners.
Following this equity investment, Panakés Partners managing director Alessio Beverina will join the company’s board.
A further €15m in venture debt was provided by the European Investment Bank.
The company will now use the proceeds of the recent financing to launch Lenire in the USA as it hopes to pursue opportunities with the US Departments of Defense and Veteran Affairs.
The Irish company also has a US subsidiary.
The Lenire device recently received De Novo approval from the FDA, with the first American patients starting treatment for tinnitus this month.
So far, the device has been used in clinical trials with over 700 patients.
Neuromod also plans to expand the availability of the device to new European markets, including Italy, the Netherlands, Portugal and Sweden.
“There are more people in the world with tinnitus than with hearing loss. Tinnitus is one of the largest unmet clinical needs globally and is the number one cause of service-connected disability among US veterans and military personnel,” founder and chief executive Dr. Ross O’Neill said.
"Despite this, there has been practically no innovation in the tinnitus area. This financial support will ensure that, once again, Europe leads the way as Neuromod addresses this huge unmet need in the hearing area.”
Neuromod was established in 2010 and focuses on the design and development of technologies to help those who live with chronic conditions.