#Ireland #Dublin #Neuromod #Lenire #Tinnitus

Neuromod Devices Secures €10 Million Funding to Enhance Tinnitus Treatments

Neuromod Devices Ltd., an Irish company focused on medical technology, has announced the successful closure of a €10 million equity financing round aimed at boosting the availability and commercialization of its tinnitus treatment device, Lenire. This financing was significantly oversubscribed and was led by its current investors, Fountain Healthcare Partners and Panakès Partners. With an increasing emphasis on tinnitus management and care, the funding will primarily aim to expand Neuromod's services within the USA and Europe, addressing one of the largest unmet needs in hearing healthcare.

Accelerating Commercialization

The newly obtained funds will be used to advance Neuromod’s distribution capabilities, especially through audiology and ENT practices across the United States and Europe. Since the device's FDA approval in March 2023, Lenire has gained traction in over 100 clinics across the U.S., with growing implementations in 14 countries throughout Europe. Neuromod plans to leverage this financial boost to further bolster its reach, particularly among U.S. veterans, who number approximately 2.9 million living with tinnitus.

In addition, 35 U.S. Department of Veterans Affairs (VA) facilities have been trained to provide treatment with Lenire, reflecting the product's acceptance in a vital healthcare setting. The expansion in the UK has shown remarkable growth, doubling the number of clinics trained to utilize Lenire, and now patients in Sweden can access it for the first time.

Positive Real-World Evidence

Neuromod focuses on delivering evidence-based outcomes demonstrating Lenire's effectiveness. Recent reports from independent clinics in the U.S., such as the Alaska Hearing & Tinnitus Center, have shown a substantial success rate, with 91.5% of 220 patients reporting clinically significant improvement in their conditions. These findings align closely with results from Lenire's robust clinical trials, underscoring the treatment’s efficacy and potential to set a new standard in tinnitus care.

The promising outcomes captured in publications, including peer-reviewed articles such as Nature Communications, emphasize the urgency of addressing the needs of those struggling with this condition. Due to inherent difficulties in managing tinnitus, which affects around 15% of adults globally, the advancements made by Neuromod come at a critical time when healthcare systems are burdened by the demands of this neurological condition.

Support from Investors and Clinicians

Dr. Ross O'Neill, Neuromod’s Founder and CEO, expressed enthusiasm about the latest financing, acknowledging the pivotal moment in their mission to reimagine tinnitus care. He highlighted the critical role this funding plays in expanding access to treatment for this underserved patient population and emphasized the company's commitment to rewarding healthcare providers who facilitate patient care.

Investors like Dr. Manus Rogan, Chairman of Neuromod, voiced confidence in the current trajectory, stating that Lenire exemplifies a revolutionary standard of care for tinnitus management, ensuring that patients gain timely access to necessary treatments.

Connell from Panakès Partners echoed similar sentiments, reflecting on the significant strides Neuromod has achieved, from clinical trials to real-world evidence supporting Lenire’s efficacy in Europe and the U.S. As the company continues to innovate within this sector, the partnership and support from investors will prove crucial in facilitating the necessary resources to service a historically neglected group of patients.

Awareness and Future Directions

The challenge of tinnitus, often referred to as ringing in the ears, has significant social and economic implications. Estimates indicate that managing this condition incurs substantial costs both at a personal and systemic level. Neuromod’s efforts, therefore, aim not only at immediate treatment but also at alleviating the broader burden on healthcare frameworks.

To dive deeper into the implications of this financing and the potential future landscape of tinnitus treatment, visit Neuromod's official website. Neuromod’s narrative reflects the growing recognition of tinnitus as a critical component of hearing health, emphasizing the importance of continuing investment in innovative solutions that enhance the quality of life for millions globally.

Lenire’s unique bimodal neuromodulation technology, combining tongue stimulation with auditory elements, shows promise as a game-changer in the field of tinnitus treatment. The future is looking bright for both Neuromod and the countless individuals seeking relief from this challenging condition.