Neuromod CEO Dr Ross O’Neill with Lenire. Credit: Neuromod Devices / PRNewswire.
Irish medical device company Neuromod Devices has received €10m ($10.8m) in equity financing to broaden the reach of Lenire, its tinnitus treatment device.
Current investors Panakès Partners and Fountain Healthcare Partners led the oversubscribed funding round.
The investment is part of the company’s expanded Series B fundraising round, proceeds from which will be earmarked for meeting the requirements of the device via sustainable commercial expansion in Europe and the US.
According to Neuromod, Lenire’s presence has grown after the approval from the Food and Drug Administration (FDA) in March 2023.
More than 100 clinics across the US currently offer the treatment while it is being used in 14 nations in Europe. In addition, the number of UK clinics trained to use the device has doubled in the past six months.
The Series B funds also support Neuromod’s ongoing collaboration with the US Department of Veteran Affairs (USVA).
The company was awarded a Federal Supply Schedule 65 II Medical Equipment and Supply Contract by the US Government [in June 2024](https://www.medicaldevice-network.com/news/neuromod-inks-contract-to-treat-us-veterans-with-tinnitus-device/). This contract has made the device accessible to the 2.9 million veterans with tinnitus through the USVA.
Neuromod CEO and founder Dr Ross O’Neill said: “We are delighted to announce an oversubscribed financing at a pivotal time when we are driving forward with our mission of making Neuromod the category creator for tinnitus globally.”
Currently, 35 USVA facilities are equipped to offer treatment with the device, with additional training planned this year.
Alaska Hearing & Tinnitus Center reported that 91.5% of 220 individuals experienced clinically significant tinnitus improvement, validating and even surpassing the outcomes from the device’s large-scale trials.
These outcomes follow the publication of the device’s pivotal controlled trial results, which contributed to approval from the FDA.