Irish medical device company Neuromod has raised €5.5m in financing from Fountain Healthcare Partners to advance its chronic tinnitus treatment.
Neuromod has developed Mutebutton, a non–invasive device to treat tinnitus, and the investment will be used to further enhance scientific and clinical understanding of the device and commence US clinical trials.
The international launch of Mutebutton is targeted for 2018.
This investment by Fountain Healthcare marks a significant milestone for Neuromod and brings the total raised by the company to-date to over €8m.
“As an emerging company we welcome the support and knowledge offered to us from partnering with an experienced international life sciences venture capital fund such as Fountain Healthcare Partners,” Neuromod’s founding CEO Dr Ross O’Neill said.
“We are also particularly grateful for the ongoing support we have received from our manufacturing partners, M&M Qualtech and Molex, and from Enterprise Ireland, which enables innovative Irish companies, like Neuromod, to grow and succeed on the international stage.”
Solution for tinnitus could provide relief for millions of people
Neuromod will use the proceeds from the investment to advance dose optimisation and patient sub-typing research, commence US clinical trials and promote its international adoption as the next-generation treatment for chronic tinnitus.
Neuromod received a medical device CE mark in Europe in October 2014 for the Mutebutton device and was granted a US Patent for its technology in September 2015.
Neuromod has already generated promising clinical data with the Mutebutton in over 50 people suffering from chronic tinnitus, thereby validating its approach. Results from this study are soon to be published in a peer-reviewed journal.
As part of the Series A financing, Dr Manus Rogan of Fountain Healthcare Partners will join the board of directors of Neuromod.
“Neuromod is an exciting company, with the potential to offer a superior treatment to and improve the quality of life of the millions of patients suffering with chronic tinnitus,” Dr Rogan explained.
“The company has a proprietary neuromodulation technology, promising clinical results and a highly-committed team. Neuromodulation is a key area of interest for Fountain Healthcare and chronic tinnitus is a poorly-served global market opportunity with relatively little competition.
“We are investing in Neuromod to help build a credible and sustainable business in tinnitus with prospects for strong future growth.”