Neuromod, an Irish medical device company specialising in tinnitus, has closed a €10 million equity financing deal in a Series B fundraising expansion to expand the availability of tinnitus treatment device, Lenire.
Financing was oversubscribed and led by existing investors Fountain Healthcare Partners and Panakès Partners, backing Neuromod’s mission to advance tinnitus care for patients globally.
Financing will be used to meet demand for Lenire through sustainable expansion in the USA and Europe and expand on opportunities in the US Department of Veteran Affairs (USVA).
Following FDA approval in 2023, more than 100 USA clinics now treat tinnitus patients with Lenire. Availability of Lenire has also expanded in Europe with clinics in 14 countries now using the device.
In the last six months, the number of UK Clinics trained to use Lenire has doubled and it is available to patients in Sweden for the first time.
In June 2024, Neuromod was awarded a Federal Supply Schedule 65 II Medical Equipment and Supply Contract from the US Government, making Lenire a treatment option for 2.9 million US veterans living with tinnitus. Thirty-five USVA facilities have been trained to provide Lenire, with more scheduled for training in 2025.
Positive results for over 1,500 real world tinnitus patients treated with Lenire at independent USA clinics have been compiled to date.
In what will be the first of a series of planned real-world evidence publications, results from Alaska Hearing & Tinnitus Center showed that 91.5% of 220 patients reported clinically significant improvement in their tinnitus.
This data is consistent with, and in many instances outperforms, data from Lenire’s clinical trials.
These results followed the publication of Lenire’s controlled clinical trial results, which led to FDA approval and was the cover story in peer-reviewed journal, Nature Communications.
FURTHER INFORMATION:
Joe Roche, Neuromod Devices
T: +353 (87) 416 0138
E: joe.roche@neuromoddevices.com
