Neuromod announces €5.5m in financing to advance mutebutton

Finance, Life sciences and energy | Wed 30 Sep | Author – Business & Finance
Dr Manus Rogan, co-founder and managing partner, Fountain Healthcare Partners and Dr Ross O’Neill, CEO, Neuromod

Irish medical device company Neuromod has announced it has raised €5.5m in funding from international life sciences venture capital fund Fountain Healthcare Partners.

The investment will be used to further enhance scientific and clinical understanding of its bi-modal neuromodulation device, mutebutton, and commence US clinical trials of the device.

This investment by Fountain Healthcare marks a significant milestone for Neuromod and brings the total raised by the company to-date to over €8m.

Neuromod’s non-invasive mutebutton device uses bi-modal neuromodulation via simultaneous auditory stimulation in the ear and sensory stimulation on the tongue to promote positive changes in neuroplasticity in parts of the brain implicated in tinnitus.

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.

Dr Ross O’Neill, CEO, Neuromod commented: “Neuromod is delighted to announce this investment, which will help us to advance our unique chronic tinnitus treatment technology. 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. 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 enable innovative Irish companies, like Neuromod, to grow and succeed on the international stage.”

Dr Manus Rogan, co-founder and managing partner, Fountain Healthcare Partners added: “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. 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.”