Neuromod, an Irish medtech outfit, has just announced that it has successfully closed an €8 million ($8.7 million) capital raise which will be used to drive forward with its tinnitus treatment device.
The company noted that the funds secured comprised of equity investment and venture debt, with the financing round led by existing investors including Fountain Healthcare Partners and Moffett Investment Holdings (with Kreos Capital and Silicon Valley Bank providing the venture debt).
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Neuromod intends to use the funds to hasten the commercialization of its Lenire tinnitus treatment device in Europe, scaling up manufacturing capacity to meet anticipated levels of demand across the continent.
A second prong of the strategy will be to step up efforts to secure the regulatory requirements in order to market the product in the US, as well as Europe.
Lenire is described as a ‘breakthrough’ home-use medical device by Neuromod, and the company claims: “Lenire is the first non-invasive bimodal neuromodulation tinnitus treatment shown to soothe and relieve tinnitus. Lenire has CE-mark certification for the treatment of tinnitus under the supervision of an appropriately qualified healthcare professional in Europe.”
There’s already a treatment clinic in Dublin, and one is planned for Hannover in Germany which should be open before the end of 2019. More clinics are expected to pop up in additional European locations throughout next year.
The Lenire comprises of a lightweight handheld controller, and intra-oral device – which delivers “mild energy pulses to the trigeminal nerve via the surface of the tip of the tongue” – along with AKG Bluetooth headphones delivering tailored sound stimuli to the auditory nerve.
As mentioned, following European expansion, the next step will be opening up in the US, after obtaining the necessary regulatory credentials from the FDA.
Via Irish Times