Irish Company Neuromod Secures $10.9M for Tinnitus Treatment Device

Dublin-based medical device company Neuromod has secured €10 million ($10.9 million) in equity financing to expand its tinnitus treatment device in the United States and Europe. The funding expands the company's Series B round, building on the €10.5 million ($11.43 million) oversubscribed financing secured in 2020. Existing investors Fountain Healthcare Partners and Panakès Partners led the latest round.

Neuromod specializes in treating tinnitus using biomodal neuromodulation through its FDA-cleared device, Lenire. The at-home prescription device employs dual-mode stimulation to treat the condition and is currently available through audiology and ENT practices across the U.S. and Europe.

The company plans to use the proceeds for commercial expansion in both regions while extending existing opportunities with the U.S. Department of Veterans Affairs, a significant potential market given the high prevalence of tinnitus among veterans.

"Panakès is pleased with the progress of Neuromod since our investment, with significant clinical trial, FDA approval, real-world evidence and commercial success in both Europe and the USA, and it is proud to continue supporting Neuromod's work to bring a new standard of care to a historically underserved patient population," said Alessio Beverina, managing partner of Panakès Partners, in a statement.

Neuromod operates in a growing market of companies utilizing neuromodulation technology to address various health conditions. Among its peers is Louisiana-based Wavegate Corporation, which focuses on chronic pain relief through its Ellipse Spinal Cord Stimulator Platform. The platform incorporates FDA-cleared StimuLux technology, which uses optical reflectometry to track the spinal cord and provide closed-loop adaptive modulation. Wavegate secured $26 million in Series A funding last year.

Another player in the neuromodulation space is Israeli-based GrayMatters Health, which offers self-neuromodulation therapies for mental disorders. In 2023, the company received FDA 510(k) clearance for its PTSD-focused neuromodulation therapy called Prism. This system uses a proprietary model to create unique patient amygdala-derived biomarkers using synchronized data from EEGs and fMRIs. GrayMatters secured $10 million in Series A funding in 2022, led by Japanese pharma group Otsuka.

Massachusetts-based Cognito Therapeutics is also active in this sector, offering an investigational medical device using non-invasive neuromodulation to treat neurodegenerative diseases like Alzheimer's. The company raised $73 million in Series B funding in 2023 led by FoundersX Ventures, bringing its total funding to $93 million.

Click here for the original news story.