Dublin-based Neuromod Devices, a medtech company that specializes in neuromodulation, announced that it has secured €30M in a Series B round of funding.
Out of the total, €15M of equity investment was led by Panakès Partners. The remaining €15M in venture debt was provided by the European Investment Bank.
Neuromod Devices says it will use the funds to launch its lead application, Lenire, in the US and pursue opportunities in the US Departments of Defense and Veteran Affairs following the device’s recent FDA De Novo approval.
The first US patients will start treatment for their Tinnitus in April 2023.
The Irish company also plans to expand the availability of Lenire to additional European countries, including Italy, the Netherlands, Portugal, and Sweden, and further next-generation product development.
Founded in 2010 by Dr. Ross O’Neill, Neuromod Devices specialises in the design and development of neuromodulation technologies to address the clinical needs of underserved patient populations who live with chronic and debilitating conditions.
Lenire, the lead application of Neuromod’s technology in the field of tinnitus, is a bimodal neuromodulation device that works by delivering mild electrical pulses to the tongue through an intra-oral component called the ‘Tonguetip’, combined with auditory stimulation through headphones to drive long-term changes in the brain to treat tinnitus.
To date, the device has been used in large-scale clinical trials with over 700 patients. The company claims that Lenire has shown in large-scale clinical trials to reduce tinnitus severity.
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