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Neuromod's New Chapter: A Game Changer in Tinnitus Treatment

Neuromod Devices Ltd., a pioneering Irish medical technology company, has reached a significant milestone in its journey towards transforming tinnitus treatment with the successful closure of a €10 million equity financing round. This financial boost aims to expedite the accessibility of their innovative tinnitus treatment device, Lenire, across the United States and Europe.

Launched in 2010, Neuromod has focused on creating non-invasive neuromodulation technology designed to meet the critical needs of patients suffering from chronic conditions like tinnitus, a persistent and often debilitating auditory disorder that affects approximately 15% of the global adult population. As part of its strategic plan, Neuromod intends to utilize this funding to expand its commercial presence and strengthen its service offerings within the healthcare settings that cater to tinnitus patients.

Investors Backing Neuromod's Mission

The funding round was led by existing investors, Fountain Healthcare Partners and Panakès Partners, who share Neuromod's vision of making effective tinnitus treatments available to a broader patient demographic. The financing was significantly oversubscribed, showcasing strong market confidence in Neuromod's mission and the effectiveness of Lenire, which combines Tonguetip® stimulation with auditory signals to promote neurological changes beneficial for tinnitus relief.

Since its FDA approval in March 2023, Lenire has gained traction in over 100 audiology and ENT clinics across the United States, while also expanding its presence in Europe, now serving clinics in 14 countries. Over the past six months, the number of UK clinics trained in the Lenire protocol has doubled, and Swedish patients are now accessing this innovative treatment for the first time.

Transforming Tinnitus Treatment

The collaboration with the United States Department of Veterans Affairs (VA) further solidifies Lenire's impact potential. Neuromod secured a Federal Supply Schedule contract that places Lenire as a treatment option for the estimated 2.9 million veterans suffering from tinnitus. So far, 35 VA facilities have been trained to provide Lenire treatments, with more expected to join in 2025.

Clinicians have begun reporting impressive outcomes from patients using Lenire. A notable example comes from the Alaska Hearing Tinnitus Center, where a study involving 220 patients indicated that an astounding 91.5% experienced a clinically significant improvement in their symptoms. These findings are consistent with data from broader clinical trials, further reinforcing the efficacy of Lenire in real-world settings.

Neuromod's founder and CEO, Dr. Ross O'Neill, expressed excitement over the successful fundraising, highlighting its role as a critical juncture in Neuromod's campaign to become a leading player in global tinnitus care. He underscored the significant unmet need within auditory health, emphasizing the prevalence of tinnitus among veterans and military personnel—areas where Neuromod aims to make substantial inroads.

Commenting on the latest clinical results, Dr. Manus Rogan, the chairman of Neuromod and a managing partner at Fountain Healthcare Partners, heralded the promising effectiveness of Lenire as a new standard of care for tinnitus. He noted that the funding secured ensures that more patients can access this revolutionary treatment promptly.

Investor Alessio Beverina from Panakès Partners also voiced satisfaction with Neuromod's advances, reflecting on their clinical trials and commercial successes in both Europe and the US. This partnership aims to broaden healthcare access to underserved tinnitus patients, changing lives through innovative therapy.

As Neuromod continues to forge ahead, the need for innovative solutions in tinnitus care is more pressing than ever. Tinnitus not only places a burden on individuals but also on healthcare systems, with estimates suggesting €21.9 billion in socio-economic costs across Germany alone. With their commitment to combating this widespread issue, Neuromod stands as a beacon of hope for millions who seek relief from tinnitus.

Conclusion

Neuromod's latest funding success marks a crucial step in reshaping the landscape of tinnitus treatment. With Lenire now poised to reach more patients through expanded clinical partnerships and a growing presence in the US and European markets, the future looks bright for those struggling with this challenging condition. As Neuromod redefines what effective tinnitus care looks like, the promise of better auditory health is on the horizon. Stay tuned for more updates on this exciting journey and the lives it is bound to impact.

For further information, visit Neuromod Devices and learn about the innovative treatment options they offer.