Neuromod has secured a series B €10.5 million financing for its Lenire tinnitus treatment device. This funding follows the publication of the company’s first large-scale clinical trial earlier this month.
This trial was conducted from 2016 to 2019 on 326 patients, each receiving 12 weeks of treatment with the Lenire device.
This study had a high rate of compliance, with 86.2% of complaint patients reporting an improvement in their tinnitus symptoms after the 12 weeks of treatment. The average patient saw an improvement of 14 points on their tinnitus severity score. Many of these patients reported a sustained benefit from the treatment after 12 months.
The financing is headed by major investor Fountain Healthcare Partners. There is additional participation from existing investors Moffett Investment Holdings and Medical Devices Resources. Venture-debt has been provided by Kreos Capital and Silicon Valley Bank.
This funding will be used to expand the commercialisation of Lenire and its manufacturing process. It will also be used to progress the product’s US Food and Drug Administration (FDA) approval, and pursue opportunities with the United States Department of Veteran Affairs.