Irish medtech Neuromod establishes US subsidiary

27 Aug 2021

From left: Stephanie Glowacki, Dr Tish Ramirez and Holly Dean. Image: Neuromod

The company has hired a CFO, CCO and director of sales to lead its US operations as it awaits FDA approval for its tinnitus treatment device Lenire.

Irish medtech Neuromod is boosting its presence on the other side of the Atlantic with a new US subsidiary and local leadership team to help roll out its tinnitus treatment device in the market.

Neuromod USA is based in Oak Brook, Illinois, and the company has appointed three hearing-health veterans to its executive team to lead expansion and operations in the region.

The company’s Lenire device, which uses non-invasive neuromodulation technologies to treat tinnitus, has been shown to reduce symptoms of the condition in large-scale clinical trials.

Lenire is currently available from clinics in Ireland, Germany, the UK, Belgium, Austria and Switzerland. But it is now awaiting approval from the US Food and Drug Administration (FDA).

Tinnitus, which results in the perception of ‘ringing in the ears’, affects up to 15pc of the global population. In the US, Neuromod estimates that that there is a significant population to tap into.

“In order to give ourselves the fastest start to meet the needs of the estimated 50m people in the USA with tinnitus, we are developing our US infrastructure,” said Dr Ross O’Neill, founder and CEO of Neuromod.

“I am personally energised by the quality of talent joining the company and look forward to working with them on addressing the needs of the world’s largest tinnitus market.”

New hires

The new executive hires include three experts from the hearing health industry who will lead Neuromod USA’s strategy to work with the local private and public hearing healthcare ecosystem and deploy Lenire in the market.

Stephanie Glowacki joins the company as CFO and will be responsible for Neuromod USA’s operating infrastructure including finance and HR. She is a former employee of WS Audiology where she was chief of staff to the wholesale CEO.

Dr Tish Ramirez will be the CCO responsible for customers and products to meet the subsidiary’s commercial objectives. Another former WS Audiology employee, Ramirez was VP of clinical education and product management.

Former WS Audiology executive Holly Dean also joins as the director of commercial sales and will be responsible for the company’s sales activities to private practices.

Last October, Neuromod raised €10.5m in a Series B funding round to expand operations in Europe and enter the US market. The round was led by Fountain Healthcare Partners and with participation from investors Moffett Investment Holdings and Medical Device Resources, and venture-debt provided by Kreos Capital and Silicon Valley Bank.

Vish Gain is a journalist with Silicon Republic