Irish medtech firm, Neuromod Devices, has secured €30m in funding to expand its treatment for tinnitus across the US and Europe. The company’s device, Lenire, has been approved by the US Food and Drug Administration (FDA) for treating tinnitus in the US market. Lenire is a bimodal neuromodulation device that delivers mild electrical pulses to the tongue combined with auditory stimulation through headphones to drive long-term changes in the brain to treat tinnitus. This condition, commonly known as “ringing in the ears,” affects 10-15% of the world’s adult population.
Founded in 2010, Neuromod will use the funding to expand the availability of Lenire to additional European countries, including Italy, the Netherlands, Portugal, and Sweden, and further develop next-generation products. Since its previous round of funding in October 2020, the company has expanded the device’s availability throughout Europe and established a wholly-owned US subsidiary, Neuromod USA Inc. Commenting on the news, Dr. Ross O’Neill, Founder & CEO of Neuromod said, “There are more people in the world with tinnitus than with hearing loss. This investment will help us to expand availability of Lenire in Europe, launch the product in the US.”
Tinnitus is one of the largest unmet clinical needs globally and is the number one cause of service-connected disability among US veterans and military personnel. This financial support will ensure that, once again, Europe leads the way as Neuromod addresses this huge unmet need in the hearing area. As part of the overall financing, a €15m expansion was led by Italian venture capital firm, Panakès Partners, with participation from existing investor Fountain Healthcare Partners. An additional €15m in venture debt was provided by the European Investment Bank.
The management of tinnitus continues to pose a burden on healthcare systems, with a recent study estimating the socioeconomic costs of tinnitus in Germany as just under €22bn per year. In the USA, more than 2.7 million veterans were compensated for tinnitus in 2022. It’s also estimated the Veterans Benefits Administration paid out more than $4.9bn through its Veterans Compensation benefits program for tinnitus alone in 2022.
The funding will enable Neuromod to address the significant unmet need for tinnitus treatment and expand the availability of Lenire to those who need it across the US and Europe. With tinnitus affecting such a significant proportion of the adult population, the potential impact of Neuromod’s device is vast. As the company continues to develop new products and expand its reach, it will play a crucial role in improving the lives of millions of people worldwide.