Dublin-based Neuromod raises €10M to make tinnitus treatment more accessible

Dublin-based Neuromod, a medtech company, announced that it has secured €10M in equity financing in a Series B funding round.

The financing was oversubscribed and was led by existing investors Fountain Healthcare Partners and Panakès Partners.

Dr. Ross O’Neill PhD, Founder & CEO of Neuromod, says, “We are delighted to announce an oversubscribed financing at a pivotal time when we are driving forward with our mission of making Neuromod the category creator for tinnitus globally.”

Fund utilisation

The Irish company will use the funds to meet demand for Lenire through sustainable commercial expansion in the USA and Europe and expand on existing opportunities in the US Department of Veteran Affairs (USVA).

Lenire is the first non-invasive bimodal neuromodulation tinnitus treatment device shown to soothe and relieve tinnitus in a large-scale clinical trial.

Lenire works by delivering mild electrical pulses to the tongue, through an intra-oral component called the ‘Tonguetip’, combined with auditory stimulation through headphones.

Lenire received FDA approval in March 2023, and now over 100 clinics in the USA are using it to treat tinnitus.

In Europe, the device is available in 14 countries.

In the UK, the number of clinics trained to use Lenire has doubled in the last six months, and it is now available to patients in Sweden for the first time.

Neuromod: Specialising in tinnitus

Founded in 2010, Neuromod specialises in the design, development, and commercialisation of neuromodulation technologies to address the clinical needs of underserved patient populations who live with chronic and debilitating conditions.

The lead application of Neuromod’s technology is in the field of tinnitus, where Neuromod has completed extensive clinical trials to confirm the efficacy of its non-invasive neuromodulation platform in this common disorder.

Tinnitus, commonly known as ‘ringing in the ears’, is a complex neurological condition that causes a perception of sound when there is no external source. Tinnitus affects an estimated 15 per cent of the global adult population.

Positive results have been found for tinnitus patients treated with Lenire at independent clinics in the USA, with over 1,500 patients involved.

In a new study from the Alaska Hearing & Tinnitus Centre, 91.5 per cent of 220 patients reported significant improvement in their tinnitus. These results match or even surpass those from Lenire’s larger clinical trials.

In June 2024, the company received a contract from the U.S. government to provide medical equipment and supplies.

This allows Lenire to be used as a treatment for the 2.9 million U.S. veterans with tinnitus through the Department of Veterans Affairs (USVA).

So far, 35 USVA facilities have been trained to use Lenire, with more training planned for 2025.

Dr. Manus Rogan, Chairman of Neuromod and Managing Partner of Fountain Healthcare Partners, comments, “Recent results from tinnitus patients using Lenire in the real-world show that it represents a new standard of care for tinnitus. The successful closing of this financing ensures more patients will get access to this standard of care as quickly as possible.”