Tuesday 15 October 2019

Irish medtech company closes €8m capital raise

Neuromod is a spin-out from Maynooth University (stock image)
Neuromod is a spin-out from Maynooth University (stock image)
Ellie Donnelly

Ellie Donnelly

Neuromod Devices, a company that focuses on non-invasive nerve technology, has closed an €8m capital raise, comprising of equity investment and venture-debt.

The funds will be used to accelerate the commercialisation in Europe of its Lenire tinnitus (the perception of noise or ringing in the ears) treatment device, to scale up manufacturing, and to progress its regulatory strategy in the United States.

This financing round was led by existing investors Fountain Healthcare Partners and Moffett Investment Holdings, with venture-debt provided by new investors Kreos Capital and Silicon Valley Bank.

Dr Ross O’Neill, CEO of Neuromod, said: “This investment will allow us to ramp-up the manufacturing of our Lenire tinnitus treatment product, ensuring it will be more widely available for many underserved patients suffering with tinnitus across Europe.

We will also build on European commercialisation through a regulatory submission to the FDA to make way for a launch in the United States”.

The company recently opened its first Centre of Excellence specialising in neuromodulation and tinnitus at the Hermitage Medical Clinic in Dublin.

The first facility to offer treatment with Lenire outside of Ireland will be in Hannover, Germany which will open before the end of the year.

Additional locations throughout Europe have been identified and will become operational during the course of 2020, the company said.

Founded in 2010, Neuromod is a spin-out from Maynooth University.

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