Irish company Neuromod scores $10.9M for tinnitus medical device
Neuromod, a medical device company out of Dublin focused on treating tinnitus, secured €10 million ($10.9 million) in equity financing, expanding its Series B raise.
The raise builds on the company’s €10.5 million ( $11.43 million) oversubscribed Series B financing in 2020.
Existing investors Fountain Healthcare Partners and Panakès Partners led the round.
WHAT IT DOES
Neuromod is a global medical technology company that uses biomodal neuromodulation to treat tinnitus using its device, Lenire, which received FDA De Novo clearance in 2023.
Lenire is an at-home device prescribed by providers that uses dual-mode stimulation to treat the condition. The device is available through audiology and ENT practices in the U.S. and Europe.
The company said that proceeds from its recent funding round will be used for commercial expansion in both countries and to extend existing opportunities with the U.S. Department of Veterans Affairs.
“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,” Alessio Beverina, managing partner of Panakès Partners, said in a statement.
MARKET SNAPSHOT
Other digital health companies utilizing neuromodulation technology to address illnesses include Louisiana-based Wavegate Corporation, a company focused on using the tech for chronic pain relief.
Its Ellipse Spinal Cord Stimulator Platform for chronic pain includes the company’s patented and FDA-cleared StimuLux technology, which uses optical reflectometry to track the spinal cord and provide closed-loop adaptive modulation, allowing for a fixed dose of electrical current despite changes in body movement.
Last year, Wavegate secured $26 million in Series A funding.
Israeli-based GrayMatters Health offers self-neuromodulation therapies for mental disorders, and in 2023, received FDA 510(k) clearance for its PTSD-focused neuromodulation therapy dubbed Prism.
The company uses a proprietary model to create a unique patient amygdala-derived biomarker, using synchronized data from several sessions of EEGs and fMRIs.
The model is then embedded into the company’s product Prism, which combines an EEG cap with software to create a neurofeedback device to train patients to control the biomarker signal and their emotional response.
GrayMatters secured $10 million in a Series A funding round in 2022. Japanese pharma group Otsuka led the round.
Massachusetts-based Cognito Therapeutics offers an investigational medical device that uses non-invasive neuromodulation to treat people with neurodegenerative diseases like Alzheimer’s.
In 2023, Cognito scored $73 million in a Series B funding round led by FoundersX Ventures, bringing its total raise to $93 million. It secured $50 million in funding a year before.
