Neuromod raises €30m to expand tinnitus treatment roll-out

13 Apr 2023

Image: Neuromod

With fresh funding, a US subsidiary and FDA approval, Neuromod is ready to launch its Lenire device in the US.

Medical device start-up Neuromod has raised €30m to expand the availability of its tinnitus treatment in the US and Europe.

The Dublin company’s Series B expansion raised €15m, led by Panakès Partners with participation from existing investor Fountain Healthcare Partners. Neuromod also raised €15m in venture debt financing from the European Investment Bank.

Neuromod specialises in the treatment of tinnitus, a chronic condition that affects an estimated 15pc of the global population and is commonly described as ‘ringing in the ears’.

The company has developed Lenire, a device that uses non-invasive neuromodulation technologies to treat tinnitus. Lenire has been shown to reduce symptoms of the condition in a large-scale clinical trial.

In 2020, Neuromod raised €10.5m in Series B funding to scale up the manufacturing of its tinnitus treatment.

The company has focused on commercialising the device since then, expanding its availability in Europe and establishing a US subsidiary in 2021 to prepare for its entry into the market.

Last month, Neuromod got the green light from the US Food and Drug Administration (FDA) to commercialise its product in the US. The company also plans to bring Lenire to more European countries including Italy, the Netherlands, Portugal and Sweden.

Commenting on the funding announcement today (13 April), Neuromod CEO Dr Ross O’Neill said Europe has a long history in “leading the world in hearing innovation”.

“We are proud to add to that tradition by bringing our landmark tinnitus treatment Lenire to the millions of sufferers in Europe and the US,” O’Neill said.

“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.”

Neuromod has conducted three large-scale clincial trials with more than 700 patients to date. The company plans to further its development and pursue new opportunities with US organisations, such as the Department of Defense.

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Leigh Mc Gowran is a journalist with Silicon Republic