Pictured: Dr Manus Rogan, Chairman of Neuromod and Managing Partner of Fountain Healthcare Partners, and Dr Ross O’Neill, Founding CEO, Neuromod
The group plans to recruit 40 employees over the next 12 months in Europe, starting in Ireland and Germany
Neuromod Devices Limited, the Irish medical device company specialising in the treatment of tinnitus, announces it has raised €10.5 million in an oversubscribed Series B financing. The investment was led by majority investor Fountain Healthcare Partners, with participation from existing investors Moffett Investment Holdings and Medical Device Resources, with venture-debt provided by Kreos Capital and Silicon Valley Bank.
Proceeds from the financing will be used to expand European commercialisation of the company’s Lenire tinnitus treatment device; to scale-up manufacturing, progress the Company’s U.S. FDA strategy, and pursue opportunities with the United States Department of Veteran Affairs.
Dr Ross O’Neill, Founding CEO of Neuromod, commented: “The financing will also help us progress market entry into the United States, where there is a significant unmet need, particularly among U.S. veterans for whom tinnitus is the largest and fastest growing cause of service-connected disability.”
He continued: “It is fantastic to have the continued support of our lead investors, Fountain Healthcare Partners, as well as Moffett Investments, Medical Device Resources, Kreos Capital and Silicon Valley Bank.”
The financing will also help us progress market entry into the United States, where there is a significant unmet need, particularly among U.S. veterans for whom tinnitus is the largest and fastest growing cause of service-connected disability.
Neuromod’s European expansion began in April 2020 with the opening of the company’s German office in Bavaria, Germany. Neuromod plans to invest significantly in sales and marketing and will recruit 40 employees over the next 12 months, with roles based initially in Ireland and Germany.
Cian O’Driscoll from Kreos Capital said in relation to the funding: “We are delighted to be able to support Neuromod further with an additional investment which will help bring Lenire to more patients suffering from tinnitus.
“Treatment options for tinnitus patients in the past have been limited and we strongly believe that Lenire has enormous potential to improve patient outcomes. We are also excited about the prospect of U.S. market entry where there is a substantial need to find new and innovative ways to treat patients whose lives are severely impacted by tinnitus.”
Clinical Trial Results
The Series B financing follows the publication of results of the company’s first major clinical trial as the cover story in Science Translational Medicine magazine.
The trial, which was conducted over 12 weeks, with 326 patients, delivered dramatic improvements in patients’ tinnitus symptoms. More than 80% 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.