Business Wire

Neuromod Successfully Closes €10.5 Million Series B Financing for Tinnitus Treatment Device Lenire®

Share

Neuromod Devices Limited (“Neuromod”), the Irish medical device company specialising in the treatment of tinnitus, a chronic condition that affects 10-15% of the global population and commonly described as ‘ringing in the ears’, announces it has raised €10.5 million in an oversubscribed Series B financing. The investment was led by majority investor Fountain Healthcare Partners, with participation from existing investors Moffett Investment Holdings and Medical Device Resources, with venture-debt provided by Kreos Capital and Silicon Valley Bank.

Proceeds from the financing will be used to expand European commercialisation of the Company’s Lenire® tinnitus treatment device; to scale-up manufacturing, progress the Company’s U.S. FDA strategy, and pursue opportunities with the United States Department of Veteran Affairs. It is estimated that roughly 20 million Americans struggle with burdensome chronic tinnitus, while over 2 million U.S. Veterans receive disability payments for service-connected tinnitus, according to the 2019 USVA Annual Benefits Report.

Neuromod’s European expansion began in April 2020 with the opening of the Company’s German office in Bavaria, Germany. Neuromod plans to invest significantly in sales and marketing and will recruit 40 employees over the next 12 months, with roles based initially in Ireland and Germany.

Clinical Trial Results

The Series B financing follows the publication of results of the Company’s first major clinical trial as the cover story in Science Translational Medicine magazine. The trial, which was conducted over 12 weeks, with 326 patients, delivered dramatic improvements in patients’ tinnitus symptoms. More than 80% of those who complied with the prescribed regimen saw an average improvement of about 14 points on a tinnitus severity score of 1 to 100. When the team followed up 12 months post treatment, 80% of the participants had sustained the improvements. The study represents the largest and longest followed-up clinical trial ever conducted in the tinnitus field, and 78% of trial participants said they would recommend the Lenire® treatment to others with tinnitus1.

Lenire® Tinnitus Treatment

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.

Dr Ross O’Neill, Founding CEO of Neuromod commented:“We are delighted to announce the successful completion of Series B financing, which will ramp up manufacturing of our Lenire® tinnitus treatment device to meet demand across Europe. The financing will also help us progress market entry into the United States, where there is a significant unmet need, particularly among U.S. veterans for whom tinnitus is the largest and fastest growing cause of service-connected disability. It is fantastic to have the continued support of our lead investors, Fountain Healthcare Partners, as well as Moffett Investments, Medical Device Resources, Kreos Capital and Silicon Valley Bank.”

Dr. Manus Rogan, Chairman of Neuromod and Managing Partner of Fountain Healthcare Partners commented: We are proud to continue to support Neuromod’s mission to improve the quality of life of millions of patients around the world who suffer from tinnitus. This is an exciting time for the Company, and we are confident that it has an effective and safe technology, as proven by the recently published clinical trial results in the prestigious journal Science Translational Medicine. Neuromod has a very bright future and we are excited to play our part in making that happen.”

Cian O’Driscoll from Kreos Capital commented: “We are delighted to be able to support Neuromod further with an additional investment which will help bring Lenire® to more patients suffering from tinnitus. Treatment options for tinnitus patients in the past have been limited and we strongly believe that Lenire® has enormous potential to improve patient outcomes. We are also excited about the prospect of U.S. market entry where there is a substantial need to find new and innovative ways to treat patients whose lives are severely impacted by tinnitus.”

ENDS

About Neuromod Devices Limited

Neuromod Devices Limited (“Neuromod”), headquartered in the Digital Hub, Dublin, Ireland, is a medical technology company, specialising in the design and development of neuromodulation technologies to address the clinical needs of the underserved tinnitus patient population who live with a chronic and debilitating condition. The company was founded in 2010, by Dr. Ross O’Neill and since 2015 has been supported by leading life science venture capital firm Fountain Healthcare Partners. Neuromod has completed extensive clinical trials to confirm the efficacy of its non-invasive neuromodulation platform in tinnitus for which no standard of care has yet been established. Neuromod’s treatment device Lenire® has been commercialised in Europe and is available in Ireland, Belgium and Germany. Further details on Lenire® including a list of providers can be found on www.lenire.com

Tinnitus affects between 10 and 15% of the global population, and the lives of at least 1 in every 100 people worldwide are severely compromised because of the incessant nature of the illusory sound that is often described as a ringing or buzzing in the ears.

www.NeuromodDevices.com

You can access the full clinical trial results here: https://www.neuromoddevices.com/tenta1results


1 Bimodal neuromodulation combining sound and tongue stimulation reduces tinnitus symptoms in a large randomized clinical study - Science Translational Medicine 07 Oct 2020: Vol. 12, Issue 564, eabb2830 DOI: 10.1126/scitranslmed.abb2830

Contact information

FTI Consulting | Media Relations
Melanie Farrell
Aline Oliveira
T: +353 1 6633686
neuromod@fticonsulting.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Thales to Deliver the World’s First Fully Integrated Unmanned Mine Countermeasures System for the Royal Navy and French “Marine Nationale”26.11.2020 20:55:00 CETPress release

Following the first phase of the program in which two demonstrators have successfully proven their operational performances at sea, France and the United Kingdom marked the tenth anniversary of the Lancaster House treaties by signing a joint contract for Thales to start the production phase of MMCM to deliver eight unmanned mine hunting systems (four for France and four for the United Kingdom). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201126005783/en/ MMCM system at sea ©Thales With the threat of mines and improvised explosive devices present in all conflicts involving naval forces, countries need to strengthen the protection of their maritime domain, to ensure the protection of their assets and to safeguard the freedom of civil navigation. At the same time, it is essential to limit human exposure to mines. With 50 years of expertise serving navies around the world, Thales develops technologies that enable the transiti

Saudi Urban20 Chair Wishes Italy ‘Buona Fortuna’ With the 2021 Urban20 Presidency26.11.2020 14:47:00 CETPress release

TheUrban20 (U20) Chair, His Excellency Fahd Al-Rasheed, President of the Royal Commission for Riyadh City has today wished his Italian counterparts good luck or “Buona Fortuna” as Italy prepares to take up the reins of the 2021 G20 Presidency and the engagement group of cities, the U20. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201126005650/en/ HE Fahd Al-Rasheed, chair of U20 Riyadh 2020 - (Photo - AETOSWire) “The city of Riyadh is immensely proud and honored to have Chaired the 2020 U20. We are proud of the progress we made together as the U20 of 42 cities and 30 think tanks, universities, and multi-lateral entities. We collaborated, innovated and found common ground. We discussed challenges and solutions experienced by cities across every continent. We focused on the common goal of rebuilding better. As we worked to bring urban issues to the fore, a record 39 mayors and representatives of leading cities endorsed the

DEWA Innovation Centre and 800MW 3rd Phase of the Mohammed bin Rashid Al Maktoum Solar Park Inaugurated26.11.2020 14:31:00 CETPress release

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has inaugurated Dubai Electricity and Water Authority’s (DEWA’s) Innovation Centre and the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. The solar park has a planned capacity of 5,000MW by 2030, with investments up to AED50 billion. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201126005645/en/ DEWA Innovation Centre and 800MW 3rd phase of the Mohammed bin Rashid Al Maktoum Solar Park inaugurated (Photo: AETOSWire) HH Sheikh Mohammed bin Rashid Al Maktoum was briefed by HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, about the Innovation Centre, which is a global hub for renewable and clean energy innovation. It supports innovation and creativity in clean and renewable energy, promotes sustainability, develops Emirati talent and enhances the UAE’s com

Leveraging Its Mobile ID, IDEMIA Brings Digital Travel Credentials to Life26.11.2020 14:30:00 CETPress release

Digital Travel Credentials make traveling between airports and airlines a more enjoyable experience and bolsters passenger trust in airport services and systems. On 10-11 November 2020, at the ICAO virtual conference, IDEMIA demonstrated with an airline partner its breakthrough innovation capabilities to present a fully operational solution, bringing DTC to life. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201126005534/en/ (Photo: Buiness Wire) Leveraging its Mobile ID solution and passenger flow facilitation solutions, IDEMIA simulated a passenger DTC for check in and smart boarding. Passengers can speed through all airport touchpoints thanks to fast and ultra-secure biometric identification. IDEMIA’s DTC treat private data with the same security level as for paper passports. “This DTC demonstrator illustrates the innovative capabilities of IDEMIA to perform a highly secure, reliable and smooth identity verification of t

Egle Therapeutics Identifies First Novel Regulatory T-cell Targets in Research Alliance with Takeda26.11.2020 11:30:00 CETPress release

Egle Therapeutics SAS (Egle), an emerging biotechnology company focused on developing first-in class immunotherapies targeting immune suppressor regulatory T-cells (Tregs) for oncology and autoimmune diseases, today announces that it has achieved the first milestone in its strategic research alliance with Takeda Pharmaceutical Company Limited (“Takeda”). In the course of the strategic research alliance that was announced in June 2020, Egle will validate novel tumor-infiltrating regulatory T-cell (Treg) targets against which Takeda will develop potential therapies. Egle has leveraged its unique bioinformatic and translational capabilities to successfully identify targets that will now be pursued under the terms of the alliance. Upon achievement of the target identification, Egle will receive an R&D milestone payment and investment from Takeda. Luc Boblet, CEO of Egle, commented “Reaching this first technical milestone marks our positive progress towards our joint goal with Takeda, of cr

Technology Entrepreneurs Choose Chengdu as Destination and Benefit From the City’s International Business-Friendly Environment26.11.2020 09:23:00 CETPress release

Chengdu has long had an international reputation as a highly livable city. In recent years, Chengdu has also cultivated a business-friendly environment aligned with international standards, making the city fertile soil for enterprise development, especially in the tech sector. XGIMI Technology, a Chengdu-based leading provider of multi-functional smart projectors and laser TVs in China, attributed part of its success to Chengdu’s favorable environment, helping the firm to grow and in 2018 surpass global giants Epson and Sony in the Chinese projector market for the first time. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201126005495/en/ XGIMI Technology Founder Mr. Zhong Bo (Photo: Business Wire) According to data on China’s projector market in the first half of 2020 released by IDC, XGIMI ranked first in terms of shipments and sales, with a market share of 22%. Five XGMI models feature in the top ten projectors by shipmen