Irish medical device company Neuromod Devices has received €30m ($33m) in funding to support further commercialisation of its tinnitus treatment device, Lenire. 

The financing included €15m in an expansion of Series B led by Panakès Partners, while participants also included existing investor Fountain Healthcare Partners.

The European Investment Bank has provided the remaining €15m in venture debt.

Neuromod will use the proceeds from the financing to roll out Lenire in the US.

It also plans to pursue potential sales deals with the US Department of Defense (DoD) and the Department of Veteran Affairs (USVA). The company received de novo approval from the US Food and Drug Administration (FDA) for the Lenire device last month.

The first US patients are expected to be treated with the Lenire device this month.

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By GlobalData

Neuromod founder and CEO Dr Ross O’Neill said: “Europe has a long history in leading the world in hearing innovation. We are proud to add to that tradition by bringing our landmark tinnitus treatment Lenire to the millions of sufferers in Europe and the USA.

“This investment will help us to expand the availability of Lenire in Europe, launch the product in the US and pursue opportunities in the USVA and DoD following our recent de novo grant from the FDA.”

The company secured funding in a previous round in October 2020. Since then, Neuromod has achieved several milestones.

It established a US subsidiary, Neuromod USA, made progress in the commercialisation of the device and expanded its availability in Europe.

Lenire will also be made available in additional European countries such as the Netherlands, Portugal, Italy and Sweden.

Furthermore, the company will focus on the development of the next-generation device.

According to the company, large-scale clinical trials demonstrated Lenire’s ability to lower tinnitus severity.