Neuromod closes €30m financing for new tinnitus treatment device
Irish medical device company Neuromod has announced that it has successfully closed a €30m financing intended to further commercialise Lenire, its tinnitus treatment device. This financing follows the FDA granting de novo approval for the device. The equity investment was led by Panakès Partners with venture debt provided by European Investment Bank.
Tinnitus affects 10-15% of the global adult population, and causes a ‘ringing in the ears’ without an external source. Following large scale reduction in tinnitus severity in clinical trials, the device has been granted de novo approval by the FDA and is already available throughout Europe.
This financing is intended to launch Lenire throughout the US as well as allowing the company to pursue opportunities in the US Departments of Defense and Veteran Affairs. The first US patients are expected to start treatment with Lenire in April 2023.
The company also aims to expand availability of Lenire throughout Europe, with marketing planned in Italy, the Netherlands, Portugal and Sweden.