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Tinnitus group Neuromod raises €30m to fund drive into US market

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Irish medtech Neuromod Devices has raised €30 million to fund expansion into the US market after FDA approval of it tinnitus therapy ...and its first target are 2.7 million US army veterans.

“But there is almost twice that with tinnitus – 2.7 million veterans – and they have nothing for them,” Dr O’Neill said. He added that, at present, compensation to this group is costing the US about $4.9 billion a year.

The latest funding – which more than doubles the money the NUI Maynooth spin-out has raised since it was founded in 2010 – is split evenly between venture debt funding from the European Investment Bank and new equity investment. The equity investment was led by a new shareholder, Italian life sciences specialist Panakès, but also includes the company’s existing shareholders.

“We have continued to have the complete support of all of our long-term investors and now Panakès has joined that group as well,” said Dr O’Neill.

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