{"id":144928,"date":"2025-03-11T15:07:06","date_gmt":"2025-03-11T14:07:06","guid":{"rendered":"https:\/\/www.startupbusiness.it\/panakes-in-the-eur-10-million-round-for-neuromod\/144928\/"},"modified":"2025-03-11T15:25:53","modified_gmt":"2025-03-11T14:25:53","slug":"panakes-in-the-eur-10-million-round-for-neuromod","status":"publish","type":"post","link":"https:\/\/www.startupbusiness.it\/en\/panakes-in-the-eur-10-million-round-for-neuromod\/144928\/","title":{"rendered":"Panak\u00e8s in the EUR 10 million round for Neuromod"},"content":{"rendered":"\n

Neuromod Devices, an Irish company specialising in medical devices for the treatment of tinnitus, reports that it has closed a EUR 10 million funding round<\/strong> to expand the availability of its tinnitus treatment device, called Lenire. Neuromod raised EUR 10 million in capital by expanding the Series B round led by investors Fountain Healthcare Partners and Panak\u00e8s Partners.<\/strong> <\/p>\n\n

Neuromod will use the new capital to meet demand for Lenire through commercial expansion in the US and Europe and to seize opportunities at the US Department of Veterans Affairs (USVA). In June 2024, Neuromod was awarded a Federal Supply Schedule 65 II medical equipment and supplies contract by the US government, making Lenire a treatment option for the 2.9 million US veterans suffering from tinnitus through the USVA. <\/p>\n\n

Following FDA approval in March 2023, more than 100 clinics in the US now treat tinnitus patients with Lenire. In Europe, Lenire’s availability has also expanded, with clinics in 14 countries now using the device. In the last six months, the number of clinics in the UK trained in the use of Lenire has doubled and the device has now also arrived in Sweden. <\/p>\n\n

Positive results have been collected for tinnitus patients treated with Lenire in real-world settings at independent US-based clinics, with the patient base of more than 1,500 patients continuing to grow. In what will be the first of a series of real-world evidence publications, results from the Alaska Hearing & Tinnitus Centre showed that 91.5% of the 220 patients reported clinically significant improvement in their tinnitus. These data are in line with and in many cases exceed those of the large-scale clinical studies conducted by Lenire. <\/p>\n\n

These findings follow the publication of the results of Lenire’s pivotal clinical trial, which led to US FDA approval and was published as the cover article of the peer-reviewed journal Nature Communications.<\/p>\n\n

Commenting on the news, Ross O’Neill PhD, founder and CEO of Neuromod, said in a note: “We are delighted to announce a higher-than-expected funding at a crucial time when we are advancing our mission to make Neuromod the benchmark for tinnitus care globally<\/strong>. Tinnitus is a major problem in hearing care globally and is the number one service-connected disability among US veterans and military personnel. I am proud of the progress Neuromod is making to provide our market-leading treatment to as many tinnitus patients as possible, while allowing us to commercially reward the expertise of practitioners. I am also grateful for the continued support of our investors who share our vision of advancing tinnitus care globally.” <\/p>\n\n

Manus Rogan, president of Neuromod and managing partner of Fountain Healthcare Partners, adds: “Recent results from tinnitus patients using Lenire in the real world demonstrate that it represents a new standard of care for tinnitus.<\/strong> The successful outcome of this funding ensures that more patients can access this standard of care in the shortest possible time’. <\/p>\n\n

Alessio Beverina, managing partner of Panak\u00e8s Partners, says: ‘Panak\u00e8s is delighted with the progress Neuromod has made since our investment, with major clinical trials, FDA approval, real-world trials and commercial success in both Europe and the US<\/strong>; and is proud to continue supporting Neuromod’s work to bring a new standard of care to a historically underserved patient population.<\/p>\n\n

Emily E. McMahan, owner of the Alaska Hearing and Tinnitus Centre and author of the clinic’s Real World Evidence Paper, points out: “The impressive results of the Lenire clinical trials led me to adopt this landmark technology for the treatment of tinnitus early on<\/strong>. In my clinic and those of my colleagues, we are seeing even better results than in the clinical studies”. (photo by Laura Ohlman<\/a> on Unsplash<\/a>)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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