Neuromod, an Irish medical device company, has successfully secured €10 million (approximately $11 million) in equity financing to expand the availability of its tinnitus treatment device. The raise builds on the company’s €10.5 million ($11.43 million) oversubscribed Series B funding in 2020.
Tinnitus, the perception of sound in the absence of an external auditory stimulus, affects millions worldwide, often debilitating their quality of life.
Neuromod’s tinnitus treatment device, Lenire, operates on the principles of bimodal neuromodulation, simultaneously stimulating the auditory and somatosensory systems.
It achieves this through the synchronized delivery of mild electrical pulses to the tongue, mediated by an intra-oral component, called the ‘Tonguetip’, and auditory stimulation through headphones. This dual stimulation aims to induce neuroplastic changes in the brain to disrupt the aberrant neural activity thought to be responsible for the tinnitus perception.
The efficacy of Lenire is supported by its CE-mark certification in Europe and a De Novo grant of approval from the US FDA. It is available through audiology and ENT practices throughout the USA and Europe.
Following FDA approval in March 2023, Neuromod has strategically expanded the availability of Lenire through partnerships with audiology and ENT practices across the USA and Europe.
More than 100 clinics throughout the USA now treat tinnitus patients with the device while 14 European countries are also now using it. The number of clinics in the UK trained to use Lenire has doubled in the last 6 months. In addition, it is now used for patients in Sweden for the first time.
The recent €10 million equity financing will further bolster this expansion, allowing the company to meet increasing demand and capitalize on opportunities within the U.S. Department of Veterans Affairs (USVA).
Tinnitus is a common ailment among veterans, often stemming from noise-induced hearing loss associated with military service.
In June 2024, Neuromod was awarded a Federal Supply Schedule 65 II Medical Equipment and Supply Contract from the US Government, positioning Lenire as a viable treatment option for the 2.9 million US veterans afflicted with tinnitus. 35 USVA facilities have already been trained to administer Lenire, and more are scheduled for training in 2025.
Neuromod’s Lenire with its non-invasive nature positions it as a potentially transformative solution for a condition that has long challenged the medical community.
Image & article source by Lenire
