Neuromod: Accelerating Tinnitus Innovation with €10m Financing
Deal News | Mar 11, 2025 | Fountain Healthcare Partners L
Neuromod Devices Ltd., an Irish company specializing in tinnitus treatment, has successfully secured €10 million in equity financing to expand the commercialization of its Lenire device globally. The financing round, led by Fountain Healthcare Partners and Panaks Partners, aims to bolster Lenire's market presence in the US and Europe. Following US FDA approval in March 2023, the device is now accessible in over 100 clinics across the USA and is impacting 14 European countries. A noteworthy development is the acquisition of a Federal Supply Schedule contract from the US Government, positioning Lenire as a treatment for US Veterans. The clinic-based real-world evidence suggests that Lenire provides significant tinnitus relief, aligning with previous clinical trial outcomes. The financial push from investors aims to not only alleviate a critical healthcare need but also solidify Neuromod's role as a leader in tinnitus care. Stakeholders including Dr. Ross O'Neill and investors highlighted both the clinical achievements and future potential of Neuromod in the field of tinnitus treatment.
Sectors
- Healthcare
- Venture Capital
- Medical Devices
Geography
- Ireland – Neuromod Devices Ltd. is headquartered in Dublin, Ireland.
- United States – The expansion of Lenire is targeting clinics in the US, with notable FDA approval and government contracts secured.
- Europe – Lenire has been made available in numerous European countries, as highlighted by the expansion efforts in the article.
Industry
- Healthcare – The primary focus is on medical technology for tinnitus treatment, involving clinics and healthcare systems.
- Venture Capital – The article discusses an investment funding round led by venture capital firms.
- Medical Devices – Neuromod specialises in the development and commercialization of medical technology for tinnitus treatment.
Financials
- €10 million – The amount raised in equity financing by Neuromod to accelerate Lenire's commercialization.
- 35 – Number of USVA facilities trained to provide treatment with Lenire, with more scheduled for training.
- €21.9 billion – Estimated yearly socioeconomic costs of tinnitus in Germany.
- $5.8 billion – Estimated amount paid by the US Veterans Benefits Administration in 2023 related to tinnitus compensation.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Neuromod Devices Ltd. | Target Company | Company | An Irish medical device company specializing in tinnitus treatment. |
| Fountain Healthcare Partners | Investor | Company | A lead investor in Neuromod's €10 million financing round. |
| Panaks Partners | Investor | Company | A co-lead investor in Neuromod's financing round. |
| Dr. Ross O’Neill | CEO of Neuromod | Person | Founder and CEO of Neuromod Devices Ltd. |
| Dr. Manus Rogan | Chairman of Neuromod and Managing Partner of Fountain Healthcare Partners | Person | Chairman of Neuromod's board and investor representative. |
| Alessio Beverina | Managing Partner | Person | Managing Partner at Panaks Partners, an investor in Neuromod. |
| Emily E. McMahan | Owner of Alaska Hearing and Tinnitus Center | Person | Authored a real-world evidence paper on Lenire. |
| US Department of Veteran Affairs | Consumer | Government | The USVA is involved in providing Lenire treatment to veterans, facilitated by federal contracts. |