20 Oct 2020 | 10.55 am
Neuromod Raises €10.5m For Tinnitus Device
Dublin medical devices firm burning cash to roll out treatment
20 Oct 2020 | 10.55 am
Medical devices company Neuromod has raised €10.5m in a Series B fundraiser, led by majority investor Fountain Healthcare Partners.
Founded by Dr Ross O’Neill in 2010 to develop new technologies for the treatment of neurological conditions, the company has focused in on the treatment of tinnitus, or persistent ‘ringing in the ears’, which is thought to affect up to 15% of the global population.
Neuromod, which is headquartered in the Digital Hub in Dublin, will use the proceeds from its latest fundraiser to expand European commercialisation of its Lenire tinnitus treatment device.
Lenire comprises a tongue stimulator connected to a handheld controlling device and Bluetooth headphones. By stimulating the tongue and playing sounds, the device aims to redirect the brain’s attention away from the ringing or buzzing sounds associated with tinnitus. Clinical trials have shown positive results from using the device over 12 weeks of treatment.
Neuromod is also planning to use some of the €10.5m raised to scale up manufacturing of its Lenire device, as well as secure US FDA backing. A significant target market for the company are veterans in the US, many of whom suffer from tinnitus.
Other investors in the Series B fundraiser included existing backers Moffett Investment Holdings and Medical Device Resources, with venture debt provided by Kreos Capital and Silicon Valley Bank.
According to its most recent account filings, Neuromod Devices Limited booked a loss of €4.2m in the 12 months to September 2018, bringing accumulated losses to €11.8m.
In its CRO filing, the company notes that subsequent to its 2018 balance sheet, it raised €8m, most of which was spent on operating the business. The company also notes that future funding for Neuromod is not guaranteed.
In April 2020, Neuromod opened an office in Germany and plans to recruit 40 people over the coming months, with positions based in Ireland and Germany. Sixteen people were on the company payroll in 2018.
Photo: Fountain Healthcare’s Manus Rogan (left) and Neuromod founder Ross O’Neill