Irish medical device company Neuromod Devices has closed a €30m financing to further commercialise its tinnitus treatment device, Lenire.
Tinnitus is the perception of sound without an external source and it affects 10-15% of the global adult populationi.
The Lenire device has recently been granted approval from the US Food and Drug Administration (FDA) and is available throughout Europe.
The Dublin-based company said that as part of the overall financing, a €15m expansion of the Series B was led by Panakès Partners with participation from existing investor Fountain Healthcare Partners.
An additional €15m in venture debt was also provided by the European Investment Bank.
Neuromod said it plans to expand the availability of Lenire to additional European countries, including Italy, the Netherlands, Portugal, and Sweden, and further next generation product development.
Since its previous round of funding in October 2020, the company said it has made significant progress commercialising Lenire.
It has expanded the device’s availability throughout Europe, established a wholly owned US subsidiary and secured US market approval from the FDA.
Dr Ross O’Neill, founder & CEO of Neuromod, said the company was delighted 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 USA,” Dr O’Neilll said.
“This investment will help us to expand availability of Lenire in Europe, launch the product in the US and pursue opportunities following our recent De Novo grant from the FDA,” he added.