With the latest funding, Neuromod aims to progress its entry into the US market while expanding operations in Europe.
Today (20 October), Dublin-based medical device start-up Neuromod announced that it has raised €10.5m in Series B funding.
The round was led by Fountain Healthcare Partners, with participation from existing investors Moffett Investment Holdings and Medical Device Resources, and venture-debt provided by Kreos Capital and Silicon Valley Bank.
Neuromod specialises in the treatment of tinnitus, a chronic condition that affects an estimated 10 to 15pc of the global population and is commonly described as ‘ringing in the ears’. With the funding, the company plans to expand the commercialisation of its tinnitus treatment device, Lenire.
Lenire is a non-invasive bimodal neuromodulation treatment that the company says can soothe and relieve tinnitus. The device has CE-mark certification in Europe for the treatment of tinnitus under the supervision of an appropriately qualified healthcare professional.
The Irish company now aims to scale up manufacturing of Lenire, while progressing with its strategy to attain FDA clearance in the US and pursue opportunities with the US Department of Veteran Affairs.
According to the American Tinnitus Association, an estimated 20m people experience chronic tinnitus in the US, while 2m experience “extreme and debilitating cases”.
Dr Ross O’Neill, founder and chief executive officer of Neuromod, commented: “We are delighted to announce the successful completion of Series B financing, which will ramp up manufacturing of our Lenire tinnitus treatment device to meet demand across Europe.
“The financing will also help us progress market entry into the US, where there is a significant unmet need, particularly among US veterans for whom tinnitus is the largest and fastest growing cause of service-connected disability.”
Neuromod began expanding in Europe in April of this year, with the opening of an office in Bavaria, Germany. The start-up plans to invest significantly in sales and marketing with the latest batch of funding, and aims to recruit 40 employees over the next 12 months with roles based initially in Ireland and Germany.
The news follows the publication of results from the company’s first major clinical trial, which was conducted over 12 weeks with 326 patients. According to Neuromod, more than 80pc of those who complied with the prescribed regimen saw an average improvement of about 14 points on a tinnitus severity score of 1 to 100. When the team followed up 12 months after treatment, 80pc of the participants had sustained the improvements.