Neuromod, an Irish medical device company, has successfully closed a €10 million (approximately $11 million) equity financing to expand the availability of its tinnitus treatment device, Lenire.
Lenire is a non-invasive bimodal neuromodulation tinnitus treatment device shown to soothe and relieve tinnitus by delivering mild electrical pulses to the tongue through an intra-oral component called the 'Tonguetip', combined with auditory stimulation through headphones.
Lenire has CE-mark certification for the treatment of tinnitus under the supervision of an appropriately qualified healthcare professional in Europe and has received a De Novo grant of approval by the US FDA.
Neuromod has been making Lenire available through audiology and ENT practices throughout the USA and Europe. Proceeds from the financing will be used to meet demand for Lenire through sustainable commercial expansion in the USA and Europe and expand on existing opportunities in the U.S. Department of Veteran Affairs (USVA).
Following FDA approval in March 2023, more than 100 clinics throughout the USA now treat tinnitus patients with Lenire. Availability of Lenire has also expanded in Europe with clinics in 14 countries now using the device. In the last 6 months, the number of clinics in the UK trained to use Lenire has doubled, and it is available to patients in Sweden for the first time.
In June 2024, Neuromod was awarded a Federal Supply Schedule 65 II Medical Equipment and Supply Contract from the US Government, making Lenire a treatment option for the 2.9 million US Veterans living with tinnitus through the USVA. 35 USVA facilities have been trained to provide treatment with Lenire with more scheduled for training in 2025.
