Neuromod closes €30m financing for new tinnitus treatment device
pharmafile | April 14, 2023 | News story | Sales and Marketing |
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.
Dr Ross O’Neill, founder and CEO of Neuromod, commented: “We are delighted to announce the successful completion of our Series B2 financing and to welcome new investors Panakès and the European Investment Bank. Europe has a long history in leading the world in hearing innovation. We are proud to add to that tradition by bringing our landmark tinnitus treatment Lenire to the millions of sufferers in Europe and the US. This investment will help us to expand availability of Lenire in Europe, launch the product in the US and pursue opportunities in the USVA and DoD following our recent de novo grant from the FDA.”
Thomas Östros, vice president of the European Investment Bank, added: “Tinnitus impacts the lives of millions of people and investment to develop new treatments is essential. The European Investment Bank supports cutting-edge world class medtech companies and is pleased to provide €15m venture debt financing to enable Neuromod to commercialise and expand access to tinnitus treatment technology.”
Alessio Beverina, managing partner of Panakès, who will join Neuromod’s board, stated: “Tinnitus remains a significant problem for patients around the world and is an important cost for healthcare systems globally. Panakès is proud to support Neuromod’s continued work to meet this challenge with their ground-breaking product Lenire; I’m particularly excited at the possibility to improve the life of tinnitus patients and looking forward to working closely with Neuromod’s team.”