Neuromod Devices Limited, Dublin based medical device company specialising in the treatment of tinnitus, has raised €10.5 million in an oversubscribed Series B financing held in October 2020.
The investment was led by Fountain Healthcare Partners, with participation from Moffett Investment Holdings and Medical Device Resources and venture-debt provision by Kreos Capital and Silicon Valley Bank.
Neuromod specialises in devices that treat tinnitus (usually described as ‘ringing in the ears’), a chronic condition that affects an estimated 10 to 15% of the global population. With this investment, Neuromod plans to expand the commercialisation of its tinnitus treatment device, Lenire. They plan to expand and commercialise it in Europe, to scale-up manufacturing, enhance the Company’s U.S. FDA strategy and take up opportunities with the United States Department of Veteran Affairs.
Neuromod’s European expansion began in April 2020 with the company opening its first German office in Bavaria, Germany. It plans to invest more in sales and marketing and will recruit 40 employees over the next 12 months, beginning with roles based in Ireland and Germany.
The Series B financing came after Neuromod published the results of its first major clinical trial as the cover story in Science Translational Medicine magazine. The trial was conducted over 12 weeks with 326 patients. It provided dramatic improvements in patients’ tinnitus symptoms. More than 80% of those who participated in the prescribed course 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 reported sustained improvements. This study is the largest and longest followed-up clinical trial ever conducted in this field, and 78% of trial participants said they would recommend the treatment to others.
About Neuromod
Neuromod Devices Limited is a medical technology company headquartered in the Digital Hub, Dublin, Ireland. It specialises in the design and development of neuromodulation technologies to address the medical needs of the tinnitus patient population who live with a chronic and debilitating condition. It was founded in 2010, by Dr Ross O’Neill and since 2015 has been supported by venture capital firm Fountain Healthcare Partners.
About Fountain Healthcare Partners
Fountain Healthcare Partners is a life science venture capital firm founded in 2008 and based in Dublin, Ireland with an office in New York. It invests in drugs, devices and diagnostics with a focus on companies making innovative products that address unusual and seldom met medical needs and deliver significant benefits.
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