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Irish medical device company Neuromod has raised €10.5m in an oversubscribed Series B financing to fast-track the commercialisation of its tinnitus treatment device Lenire.

The first non-invasive bi-modal neuromodulation tinnitus treatment, Lenire is developed to relieve tinnitus, which affects 10%-15% of the population worldwide.

The device was granted CE-mark certification in Europe for the treatment of tinnitus under the supervision of an appropriately qualified healthcare professional.

Neuromod will use the proceeds from the round to commercialise the device in Europe. Additionally, the fund will be used to ramp up the company’s manufacturing capabilities and to pursue its Food and Drug Administration (FDA) strategy.

The company also looks to secure opportunities with the US Department of Veteran Affairs for the device.

According to the 2019 USVA Annual Benefits Report, more than two million US Veterans receive disability payments for service-connected tinnitus while approximately 20 million Americans suffer from chronic tinnitus.

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In April, Neuromod established its German office in Bavaria as part of its expansion plan. It plans to recruit 40 employees over the next 12 months with roles based initially in Ireland and Germany.

Neuromod founding CEO Dr Ross O’Neill said: “We are delighted to announce the successful completion of Series B financing, which will ramp up manufacturing of our Lenire tinnitus treatment device to meet demand across Europe.

“The financing will also help us progress market entry into the United States, where there is a significant unmet need, particularly among US veterans, for whom tinnitus is the largest and fastest-growing cause of service-connected disability.”

Neuromod’s capital investor Fountain Healthcare Partners led the latest financing round with participation from the company’s current investors Moffett Investment Holdings and Medical Device Resources.

Fountain Healthcare Partners managing partner and Neuromod chairman Dr Manus Rogan said: “We are proud to continue to support Neuromod’s mission to improve the quality of life of millions of patients around the world who suffer from tinnitus.

“This is an exciting time for the company, and we are confident that it has an effective and safe technology as proven by the recently published clinical trial results in the prestigious journal Science Translational Medicine.”

Meanwhile, Neuromod recently published results of its first major clinical trial, which evaluated Lenire in 326 patients over 12 weeks. The study noted significant improvements in patients’ tinnitus symptoms.