Dublin-based Neuromod Devices, a medtech company that specialises in neuromodulation, announced on Thursday that it has secured €30M in a Series B round of funding.
Out of the total, €15M of equity investment was led by Panakès Partners. The remaining €15M in venture debt was provided by the European Investment Bank.
Neuromod Devices says it will use the funds to launch its lead application, Lenire, in the US and pursue opportunities in the US Departments of Defense and Veteran Affairs following the device’s recent FDA De Novo approval.
The first US patients will start treatment for their Tinnitus in April 2023.
The Irish company also plans to expand the availability of Lenire to additional European countries, including Italy, the Netherlands, Portugal, and Sweden, and further next-generation product development.
Breakthrough tinnitus treatment
The financing round follows the recent US FDA granting of De Novo approval to Neuromod’s Lenire Tinnitus treatment device.
Dr. Ross O’Neill, Founder & CEO of Neuromod, says, “We are delighted to announce the successful completion of our Series B2 financing and to welcome new investors Panakès and the European Investment Bank. Europe has a long history in leading the world in innovation.”
He continues, “We are proud to add to that tradition by bringing our landmark tinnitus treatment Lenire to millions of sufferers in Europe and the USA. This investment will help us to expand the availability of Lenire in Europe, launch the product in the US, and pursue opportunities in the USVA and DoD following our recent De Novo grant from the FDA.”
Tinnitus, also referred to as ‘ringing in the ears’, is the perception of sound without an external source and is said to affect 10-15 per cent of the global adult population.
“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. 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,” Dr. O’Neill adds.
Neuromod Devices: Curing Tinnitus
Founded in 2010 by Dr. Ross O’Neill, Neuromod Devices specialises in the design and development of neuromodulation technologies to address the clinical needs of underserved patient populations who live with chronic and debilitating conditions.
Lenire, the lead application of Neuromod’s technology in the field of tinnitus, is a bimodal neuromodulation device that works by delivering mild electrical pulses to the tongue through an intra-oral component called the ‘Tonguetip’, combined with auditory stimulation through headphones to drive long-term changes in the brain to treat tinnitus.
To date, the device has been used in large-scale clinical trials with over 700 patients. The company claims that Lenire has shown in large-scale clinical trials to reduce tinnitus severity.
The Investors
Based out of Milan, Panakès Partners is a Venture Capital firm that invests in the most ambitious companies and teams developing revolutionary technologies and products in the field of life sciences, aiming to improve the lives of people around the world.
Alessio Beverina, Managing Partner of Panakès who will join Neuromod’s board, says, “Tinnitus remains a significant problem for patients around the world and an important cost for healthcare systems globally. Panakès is proud to support Neuromod’s continued work to meet this challenge with their ground-breaking product Lenire; I’m particularly excited at the possibility of improving the life of tinnitus patients and looking forward to working closely with Neuromod’s team.”
Thomas Östros, Vice President of the European Investment Bank, says, “Tinnitus impacts the lives of millions of people, and investment to develop new treatments is essential. The European Investment Bank supports cutting edge world-class medtech companies and is pleased to provide €15 million venture debt financing to enable Neuromod to commercialise and expand access to tinnitus treatment technology.”
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