Neuromod Devices Limited, a Dublin, Ireland-based medical device company specializing in the treatment of tinnitus, raised €10.5m in Series B financing.
The round 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
- to pursue opportunities with the United States Department of Veteran Affairs.
Led by Dr Ross O’Neill, Founding CEO, Neuromod Devices is a medical technology company specializing in the design and development of neuromodulation technologies to address the clinical needs of the underserved tinnitus patient population who live with a chronic and debilitating condition. The company has completed extensive clinical trials to confirm the efficacy of its non-invasive neuromodulation platform in tinnitus for which no standard of care has yet been established. Its treatment device Lenire® has been commercialized in Europe and is available in Ireland, Belgium and Germany.
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 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. When the team followed up 12 months post treatment, 80% of the participants had sustained the improvements.