Neuromod secures €10.5 million to enhance tinnitus treatment rollout

In 2020, Dublin-based Neuromod secured €10.5 million in funding to accelerate the commercialisation of its tinnitus treatment device, Lenire. This fundraising round included participation from existing investors such as Moffett Investment Holdings and Medical Device Resources. Neuromod aims to address the significant unmet need for tinnitus treatment, particularly among US veterans, where tinnitus has become a leading cause of service-connected disability. With new funding, the company plans to expand its manufacturing capacity and implement its US Food and Drug Administration (FDA) strategy. The start-up, which was founded in 2010, emphasizes the importance of reducing the impact of tinnitus, a condition that affects about 10-15 percent of the global population. For a small percentage of these individuals, tinnitus can severely affect their quality of life. Neuromod’s Lenire is touted as the first non-invasive bimodal neuromodulation treatment proven to help ease and alleviate symptoms associated with the condition. This innovative technology operates by directly influencing nerve activity and has undergone extensive clinical trials, confirming its effectiveness. The company intends to invest the raised capital into sales, marketing activities, and hiring an additional 40 employees over the next year to support its growth efforts. Initial recruitment will happen at its offices located in Ireland and Germany, where it recently expanded operations. Neuromod is actively seeking opportunities to collaborate with the US Department of Veteran Affairs, aiming to provide treatment options for veterans affected by tinnitus. During this time, Neuromod's leadership expressed confidence in the product's safety and efficacy, bolstered by recent clinical trial results published in the esteemed journal 'Science Translational Medicine.' Neuromod’s chair, Dr. Manus Rogan, remarked on the exciting prospects ahead for the organization as it scales its operations to meet increasing demand across Europe and ultimately plans to expand into the US market. The establishment of a US subsidiary in 2021 has set the stage for a larger rollout of Lenire in the American market, promising new hope for tinnitus suffers.