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Neuromod Raises €10 Million for Tinnitus Treatment Expansion

Neuromod Devices Ltd., based in Dublin, has announced a successful €10 million equity financing designed to accelerate the launch of its innovative tinnitus treatment device, Lenire. The funding, led by existing investors Fountain Healthcare Partners and Panakès Partners, aims to enhance the availability and demand for Lenire across the United States and Europe, addressing a crucial need in the healthcare industry.

Tinnitus, often perceived as ringing or buzzing in the ears without an external sound source, significantly impacts an estimated 15% of the global adult population. The condition is particularly prevalent among military veterans, contributing to substantial healthcare costs, as seen in recent reports which highlight billions spent annually in the US alone for tinnitus-related treatments.

Funding Details and Strategic Goals

The €10 million funding is part of Neuromod’s Series B financing round and reflects strong investor confidence in the company’s mission to improve tinnitus treatment options. The funds will support the expansion of Lenire's availability in audiology and ENT practices, primarily in the US and Europe. Since receiving FDA clearance in March 2023, over 100 clinics in the US have started utilizing Lenire, with European accessibility also on the rise across 14 countries.

In only the last six months, the UK has seen a doubling in the number of practices trained to use Lenire, indicating a growing recognition of its effectiveness. The recent approval from the US government for warranty coverage through the Department of Veteran Affairs for veterans suffering from tinnitus highlights the device’s potential impact on a critical demographic, with treatment offered at various healthcare centers already trained in its application.

Real World Evidence Supporting Lenire

Empirical evidence of Lenire’s effectiveness is gathering momentum, with over 1,500 patients participating in real-world scenarios across independent clinics in the US. Remarkably, a clinical improvement statistic reported by the Alaska Hearing and Tinnitus Center indicated that 91.5% of 220 patients noted significant enhancements in their tinnitus symptoms. These findings align favorably with earlier large-scale clinical trial results that contributed to Lenire's FDA approval.

Neuromod’s CEO, Dr. Ross O'Neill, commented on the funding milestone, stating, “This oversubscribed round comes at a critical time as we work toward establishing Neuromod as the global leader in tinnitus treatment. Our innovative approach addresses one of the most under-treated issues in audiology worldwide.”

The Promise of Lenire in Tinnitus Treatment

Lenire is notable for being the first non-invasive bimodal neuromodulation device developed to treat tinnitus, utilizing a combination of electrical impulses via an intraoral component—known as the Tonguetip—and auditory stimulation through headphones. This unique dual approach is designed to trigger neurological changes that alter the perception of tinnitus, offering hope to those affected.

Following its clinical validation, Lenire has been awarded the CE mark in Europe and holds a De Novo clearance from the FDA. The company continues to advocate for better tinnitus care provisions globally, aiming to make this groundbreaking technology accessible to a broader range of patients while rewarding the expertise of healthcare providers.

Moving Forward

With the significant backing from investors and promising clinical results, Neuromod is poised to revolutionize tinnitus treatment globally. Future expansions will not only include increasing the number of clinics equipped to offer Lenire but also enhancing consumer and healthcare provider awareness about this innovative therapy.

For more information about Neuromod Devices Ltd. and the Lenire device, visit www.neuromoddevices.com.