Neuromod's €10 Million Financing: A Major Step Toward Tinnitus Treatment Expansion

Neuromod Secures €10 Million Financing to Broaden Tinnitus Treatment Access

Neuromod Devices Ltd., based in Ireland and recognized for its innovative solutions in the treatment of tinnitus, has raised €10 million through an equity financing round. This step marks an important milestone in the company's journey to provide effective tinnitus treatments through its flagship device, Lenire.

The financing was oversubscribed, indicating strong investor confidence and was primarily led by existing partners, Fountain Healthcare Partners and Panakès Partners. This capital injection will be crucial for Neuromod as it seeks to expand the availability of Lenire across the United States and Europe.

Expanding Treatment Availability

The funds secured from this round will be directed towards enhancing the commercial rollout of Lenire in various healthcare settings such as audiology and ENT practices. Since receiving FDA approval in March 2023, Neuromod has successfully introduced Lenire in over 100 clinics in the USA, and its reach has been extended to 14 European countries.

The last six months have been particularly fruitful; the number of clinics in the UK trained to administer Lenire has doubled, while access in Sweden is now a reality for the first time. Furthermore, Neuromod's recognition by the U.S. Department of Veteran Affairs (VA) positions Lenire as a treatment for approximately 2.9 million veterans suffering from tinnitus, with 35 facilities trained to offer this innovative care. More trainings are on schedule for 2025.

Effectiveness Backed by Real-World Evidence

Neuromod's approach is not just theoretically sound but is also backed by substantial real-world evidence. Reports from independent clinics, such as the Alaska Hearing & Tinnitus Center, reveal striking results: 91.5% of patients reported significant improvements in their tinnitus conditions, elevating the device's credibility and potential as a new standard of care for this prevalent condition.

Dr. Ross O'Neill, the Founder and CEO of Neuromod, expressed his enthusiasm regarding the financing, commenting, "This investment comes at a critical time as we strive to make Neuromod the leader in tinnitus solutions globally. Tinnitus is a significant challenge in hearing healthcare and is particularly in demand among veterans. We are dedicated to making our superior treatment available to as many people as possible, and we are grateful for the support of our investors who share our vision."

The Road Ahead

As Neuromod progresses, there is a clear focus on not only expanding its geographical reach but also ensuring that more patients can benefit from Lenire's unique treatment method, which combines mild electrical stimulation with auditory signals to mitigate tinnitus symptoms.

With solid backing and demonstrated patient success, Neuromod's future looks promising, as it could redefine the field of tinnitus treatments globally. Neuromod is firmly positioned to meet the growing demand for effective care in a landscape where tinnitus remains the largest unmet need in hearing healthcare.

About Neuromod and Tinnitus

Founded in 2010, Neuromod is at the forefront of developing technologies to aid those affected by debilitating conditions such as tinnitus, which impacts an estimated 15% of the adult population worldwide. The company’s flagship device, Lenire, has shown significant promise in treating this challenging condition. Its unique mechanism of delivering electrical impulses to the tongue in conjunction with sound therapy effectively alters neurological pathways associated with tinnitus perception.

For those looking to learn more about Neuromod and Lenire, additional resources are available on their official website. As the company advances, the commitment to providing improved treatment solutions for tinnitus patients remains its highest priority.