Irish tinnitus therapy group Neuromod has raised €10.5 million to fund the company's expansion.
Tinnitus is a chronic condition that is understood to affect up to 15 per cent of the world’s population. It is commonly described as a ringing in the ears.
Neuromod has developed a non-invasive device, Lenire, that delivers sound to the ears and electrical stimulation to the tongue. It recently announces result s of a clinical trial that showed significant improvements for tinnitus patients using the device.
The money raised will be used to drive the commercialisation of the company's Lenire tinnitus device, increasing manufacturing capacity. Neuromod says it intends to recruit 40 new employees over the next 12 months, based initially in Ireland and Germany.
The company will also work on securing US regulatory approval for the device.
In the US, Neuromod is looking to work with the Department of Veteran Affairs. Over two million military veterans currently receive disability payments for tinnitus connected with their time in the services.
Founder and chief executive Ross O’Neill, said tinnitus was the largest and fastest growing cause of service-connected disability among US veterans.
Overall, it is estimated that around 20 million Americans struggle with chronic tinnitus.
"We are delighted to announce the successful completion of Series B financing, which will ramp up manufacturing of our Lenire tinnitus treatment device to meet demand across Europe," Dr O'Neill said. "The financing will also help us progress market entry into the United States. "
The Neuromod fundraising, which was led by Irish life sciences venture capital group Fountain Healthcare Partners, was oversubscribed. Moffett Investment Holdings, the investment vehicle of Irish manufacturer Combilift founder Robert Moffett, and Medical Device Resources joined Fountain, which is the majority investor in the business. Both are existing investors in the business.
"Neuromod has a very bright future and we are excited to play our part in making that happen," said Manus Rogan, a managing partner at Fountain Healthcare Partners.
