Medical technology company Neuromod Devices has raised €8 million in capital, as it seeks to speed up the commercialisation of its tinnitus treatment in Europe.
The comapny said it would use the capital, which includes equity investment and venture debt, to scale up its manufacturing capacity in Europe and progress its regulatory strategy for the US.
The capital raise was led by existing investors Fountain Healthcare Partners, with participation from Moffett Investment Holdings and venture debt investors Kreos Capital and Silicon Valley Bank.
Founded in 2010, Neuromod specialises in non-invasive neuromodulation technologies. The company recently opened a centre of excellence specialising in neuromodulation and tinnitus at the Hermitage Medical Clinic in Dublin, offering tinnitus assessments and treatment with its Lenire tinnitus treatment system.
"This investment will allow us to ramp-up the manufacturing of our Lenire tinnitus treatment product, ensuring it will be more widely available for many underserved patients suffering with tinnitus across Europe," said Dr Ross O'Neill, chief executive of Neuromod. "We will also build on European commercialisation through a regulatory submission to the FDA to make way for a launch in the United States. "
The company is set to offer treatment with Lenire in Hannover, Germany, by the end of the year, the first outside Ireland. It plans to open more facilities in Europe next year.
“Neuromod is an exceptional business with a unique technology and product. We are excited to be working with them to fund their expansion across Europe and the United States,” said Cian O’Driscoll, Kreos Capital. “It is estimated that 150 million people suffer with chronic tinnitus globally and we believe Lenire offers an important breakthrough to address this large unmet medical need.”