Neuromod Devices, an Irish medical device company specializing in tinnitus, announced it has closed a €10 million equity financing round to expand the availability of its tinnitus treatment device, Lenire. The equity funding is an expansion of its Series B fundraising. The funding was oversubscribed and led by existing investors Fountain Healthcare Partners and Panakès Partners, who support Neuromod’s mission to advance tinnitus care for patients globally.
Neuromod made Lenire available through audiology and ENT practices throughout the USA and Europe. The funding will be used to meet demand for Lenire through sustainable commercial expansion in the USA and Europe and expand on existing opportunities in the US Department of Veteran Affairs (USVA).
After FDA approval in March 2023, more than 100 clinics throughout the USA now treat tinnitus patients with Lenire. And the availability of Lenire has also expanded in Europe with clinics in 14 countries now using the device. In the last 6 months, the number of clinics in the UK trained to use Lenire has doubled, and it is available to patients in Sweden for the first time.
In June 2024, Neuromod was awarded a Federal Supply Schedule 65 II Medical Equipment and Supply Contract from the US Government, making Lenire a treatment option for the millions of US veterans living with tinnitus through the USVA. And 35 USVA facilities have been trained to provide treatment with Lenire, and more are scheduled for training in 2025.
The positive results for tinnitus patients treated with Lenire in real-world settings at independent USA-based clinics have been compiled with a base of over 1,500 patients that continues to grow. In what will be the first of a series of planned real-world evidence publications, results from Alaska Hearing & Tinnitus Center showed that 91.5% of 220 patients reported clinically significant improvement in their tinnitus. This data is consistent with and outperforms the data from Lenire’s large-scale clinical trials.
KEY QUOTES:
“We are delighted to announce an oversubscribed financing at a pivotal time when we are driving forward with our mission of making Neuromod the category creator for tinnitus globally.”
“Tinnitus is the largest unmet need in hearing healthcare globally and is the number one service-connected disability among US veterans and military personnel. I am proud of the progress Neuromod is making to deliver our market-surpassing treatment to as many tinnitus patients as possible while enabling care providers’ expertise to be commercially rewarded. I am also grateful for the continued support of our investors who share our vision of advancing tinnitus care globally.”
– Dr. Ross O’Neill PhD, Founder & CEO of Neuromod
“Recent results from tinnitus patients using Lenire in the real-world show that it represents a new standard of care for tinnitus. The successful closing of this financing ensures more patients will get access to this standard of care as quickly as possible.”
– Dr. Manus Rogan, Chairman of Neuromod and Managing Partner of Fountain Healthcare Partners
“Panakès is pleased with the progress of Neuromod since our investment, with significant clinical trial, FDA approval, real-world evidence, and commercial success in both Europe and the USA; and it is proud to continue supporting Neuromod’s work to bring a new standard of care to a historically underserved patient population.”
– Alessio Beverina, Managing Partner of Panakès Partners
“Impressive clinical trial results for Lenire led me to early adoption of the landmark tinnitus treatment technology.”
“In my clinic, and my colleagues’ clinics, we are seeing results that are superior to clinical trial results.”
– Emily E. McMahan, Owner of Alaska Hearing and Tinnitus Center and author of the clinic’s Real World Evidence Paper
