Neuromod Devices, a Dublin, Ireland-based medical device company, raised €30M in funding.
The €15m Series B equity round was led by Panakès Partners, with participation from Fountain Healthcare Partners. An additional €15m in venture debt was provided by the European Investment Bank. In conjunction with the funding, Alessio Beverina, Managing Partner of Panakès, will join Neuromod’s board.
The company intends to use the funds to launch its product, Lenire, in the USA, and pursue opportunities in the US Departments of Defense and Veteran Affairs following the device’s recent FDA De Novo approval.
Founded in 2010 by Dr. Ross O’Neill, CEO, Neuromod Devices is a medical technology company that specialises in the design and development of neuromodulation technologies to address the clinical needs of underserved patient populations who live with chronic and debilitating conditions. The lead application of its technology is the tinnitus treatment device, Lenire, which has recently been granted De Novo approval from the US Food and Drug Administration (FDA) and is available throughout Europe.
Lenire is a bimodal neuromodulation device which works by delivering mild electrical pulses to the tongue, through an intra-oral component called the ‘Tonguetip®’, combined with auditory stimulation through headphones to drive long-term changes in the brain to treat tinnitus. To date, the device has been used in large-scale clinical trials with over 700 patients.
Since the previous round of funding raised in October 2020, the company has made progress commercialising Lenire, expanding the device’s availability throughout Europe, establishing a wholly owned US subsidiary, Neuromod USA Inc, and securing US market approval from the FDA. Neuromod will now expand the availability of Lenire to additional European countries, including Italy, the Netherlands, Portugal, and Sweden, and further next generation product development.
FinSMEs
13/04/2023