Neuromod Successfully Closes €10.5 Million Series B Financing for Tinnitus Treatment Device Lenire®


2020-10-20 15:30:34 biospace


Oct. 20, 2020 06:00 UTC Plans to recruit 40 employees over the next 12 months in Europe, starting in Ireland and Germany Proceeds to accelerate ongoing European commercialisation, scale-up manufacturing capacity, advance U.S. market entry and pursue U.S. Veteran Affairs opportunities Fountain Healthcare Partners, a major investor, led the financing round with participation from existing investors, Moffett Investment Holdings and Medical Device Resources Venture-debt investors Kreos Capital and Silicon Valley Bank also participated in the capital raise DUBLIN--(BUSINESS WIRE)-- Neuromod Devices Limited (“Neuromod”), the Irish medical device company specialising in the treatment of tinnitus, a chronic condition that affects 10-15% of the global population and commonly described as ‘ringing in the ears’, announces it has raised €10.5 million in an oversubscribed Series B financing. The investment was led by majority investor Fountain Healthcare Partners, with participation from existing investors Moffett Investment Holdings and Medical Device Resources, with venture-debt provided by Kreos Capital and Silicon Valley Bank. Proceeds from the financing will be used to expand European commercialisation of the Company’s Lenire® tinnitus treatment device; to scale-up manufacturing, progress the Company’s U.S. FDA strategy, and pursue opportunities with the United States Department of Veteran Affairs. It is estimated that roughly 20 million Americans struggle with burdensome chronic tinnitus, while over 2 million U.S. Veterans receive disability payments for service-connected tinnitus, according to the 2019 USVA Annual Benefits Report. Neuromod’s European expansion began in April 2020 with the opening of the Company’s German office in Bavaria, Germany. Neuromod plans to invest significantly in sales and marketing and will recruit 40 employees over the next 12 months, with roles based initially in Ireland and Germany. Clinical Trial Results The Series B financing follows the publication of results of the Company’s first major clinical trial as the cover story in Science Translational Medicine magazine. The trial, which was conducted over 12 weeks, with 326 patients, delivered dramatic improvements in patients’ tinnitus symptoms. More than 80% of those who complied with the prescribed regimen saw an average improvement of about 14 points on a tinnitus severity score of 1 to 100. When the team followed up 12 months post treatment, 80% of the participants had sustained the improvements. The study represents the largest and longest followed-up clinical trial ever conducted in the tinnitus field, and 78% of trial participants said they would recommend the Lenire® treatment to others with tinnitus1. Lenire® Tinnitus Treatment Lenire® is the first non-invasive bimodal neuromodulation tinnitus treatment shown to soothe and relieve tinnitus. Lenire® has CE-mark certification for the treatment of tinnitus under the supervision of an appropriately qualified healthcare professional in Europe. Dr Ross O’Neill, Founding CEO of Neuromod commented: “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 U.S. veterans for whom tinnitus is the largest and fastest growing cause of service-connected disability. It is fantastic to have the continued support of our lead investors, Fountain Healthcare Partners, as well as Moffett Investments, Medical Device Resources, Kreos Capital and Silicon Valley Bank.” Dr. Manus Rogan, Chairman of Neuromod and Managing Partner of Fountain Healthcare Partners commented: “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. Neuromod has a very bright future and we are excited to play our part in making that happen.” Cian O’Driscoll from Kreos Capital commented: “We are delighted to be able to support Neuromod further with an additional investment which will help bring Lenire® to more patients suffering from tinnitus. Treatment options for tinnitus patients in the past have been limited and we strongly believe that Lenire® has enormous potential to improve patient outcomes. We are also excited about the prospect of U.S. market entry where there is a substantial need to find new and innovative ways to treat patients whose lives are severely impacted by tinnitus.” ENDS About Neuromod Devices Limited Neuromod Devices Limited (“Neuromod”), headquartered in the Digital Hub, Dublin, Ireland, is a medical technology company, specialising in the design and development of neuromodulation technologies to address the clinical needs of the underserved tinnitus patient population who live with a chronic and debilitating condition. The company was founded in 2010, by Dr. Ross O’Neill and since 2015 has been supported by leading life science venture capital firm Fountain Healthcare Partners. Neuromod has completed extensive clinical trials to confirm the efficacy of its non-invasive neuromodulation platform in tinnitus for which no standard of care has yet been established. Neuromod’s treatment device Lenire® has been commercialised in Europe and is available in Ireland, Belgium and Germany. Further details on Lenire® including a list of providers can be found on Tinnitus affects between 10 and 15% of the global population, and the lives of at least 1 in every 100 people worldwide are severely compromised because of the incessant nature of the illusory sound that is often described as a ringing or buzzing in the ears. You can access the full clinical trial results here: 1 Bimodal neuromodulation combining sound and tongue stimulation reduces tinnitus symptoms in a large randomized clinical study - Science Translational Medicine 07 Oct 2020: Vol. 12, Issue 564, eabb2830 DOI: 10.1126/scitranslmed.abb2830 View source version on Contacts FTI Consulting | Media Relations Melanie Farrell Aline Oliveira T: +353 1 6633686   Source: Neuromod Devices Limited View this news release online at:
世界协调时2020年10月20日06:00 计划在未来12个月在欧洲招聘40名员工,首先从爱尔兰和德国开始 加速正在进行的欧洲商业化,扩大制造能力,推进美国市场进入,并寻求美国退伍军人事务的机会 Fountain Healthcare Partners是一个主要投资方,该轮融资由现有投资方,Moffett Investment Holdings和Medical Device Resources参与 风险债务投资者Kreos Capital和硅谷银行也参与了融资 爱尔兰医疗设备公司Neuromod Devices Limited(“Neuromod”),专门治疗耳鸣。耳鸣是一种影响全球10-15%人口的慢性疾病,通常被称为“耳鸣”。该公司宣布,它已通过超额认购的B系列融资筹集到1050万欧元。此次投资由多数投资者Fountain Healthcare Partners牵头,现有投资者Moffett investment Holdings和Medical Device Resources参与,Kreos Capital和硅谷银行提供风险债务。 融资所得将用于扩大该公司Lenire®耳鸣治疗设备在欧洲的商业化;为了扩大生产规模,推进公司在美国FDA的战略,并寻求与美国退伍军人事务部合作的机会。据《2019年美国退伍军人协会年度福利报告》估计,约有2000万美国人患有慢性耳鸣,超过200万美国退伍军人因服役引起的耳鸣而领取残疾津贴。 Neuromod的欧洲扩张始于2020年4月,公司在德国巴伐利亚州开设了德国办事处。Neuromod计划在销售和营销方面进行大量投资,并将在未来12个月内招聘40名员工,最初将在爱尔兰和德国工作。 临床试验结果 在B系列融资之前,该公司首次重大临床试验的结果作为封面故事发表在《科学转化医学》杂志上。该试验共进行了12周,有326名患者参加,患者的耳鸣症状得到了显著改善。超过80%的遵守规定方案的人在耳鸣严重程度评分1至100分上看到平均改善约14分。当研究小组对治疗后12个月进行随访时,80%的受试者的病情得到了持续的改善。这项研究是迄今为止在耳鸣领域进行的最大规模和最长随访时间的临床试验,78%的试验参与者表示,他们将向其他耳鸣患者推荐Lenire®疗法1。 莱尼尔·®耳鸣疗法 Lenire®是第一个非侵入性双峰神经调节耳鸣治疗显示,以抚慰和缓解耳鸣。莱妮尔®公司在欧洲合格的医疗保健专业人员的监督下,拥有治疗耳鸣的CE-mark认证。 Neuromod公司创始首席执行官Ross O'Neill博士评论说:“我们很高兴地宣布成功完成了B系列融资,这将提高我们莱尼尔·®耳鸣治疗设备的生产,以满足欧洲各地的需求。这笔资金还将帮助我们进入美国市场,因为美国有很大的需求没有得到满足,特别是在美国退伍军人中,耳鸣是最大和增长最快的与服务有关的残疾原因。能够得到我们的主要投资者Fountain Healthcare Partners以及Moffett Investments,Medical Device Resources,Kreos Capital和硅谷银行的持续支持真是太棒了。“ Neuromod公司董事长兼Fountain Healthcare Partners公司管理合伙人Manus Rogan博士评论说:“我们为继续支持Neuromod公司的使命而感到自豪,该公司旨在改善世界各地数百万耳鸣患者的生活质量。对于该公司来说,这是一个激动人心的时刻,我们有信心它拥有一项有效且安全的技术,最近发表在著名期刊《科学转化医学》上的临床试验结果证明了这一点。Neuromod公司有一个非常光明的未来,我们很高兴能在实现这一目标方面发挥我们的作用。“ 来自Kreos Capital的Cian O'Driscoll评论说:“我们很高兴能够通过追加投资进一步支持Neuromod公司,这将有助于将Lenire®公司带给更多耳鸣患者。耳鸣患者的治疗选择在过去一直是有限的,我们坚信莱尼尔®有巨大的潜力,以改善患者的结果。我们也对进入美国市场的前景感到兴奋,因为在那里,有大量的需要找到新的和创新的方法来治疗那些生活受到耳鸣严重影响的病人。“ 末端 关于Neuromod设备有限公司 Neuromod Devices Limited(“Neuromod”)是一家医疗技术公司,总部位于爱尔兰都柏林的数字中心,专门从事神经调节技术的设计和开发,以满足患有慢性和衰弱疾病的耳鸣患者的临床需求。该公司由罗斯·奥尼尔博士于2010年创立,自2015年以来一直得到领先生命科学风险投资公司Fountain Healthcare Partners的支持。Neuromod已经完成了广泛的临床试验,以证实其非侵入性神经调节平台在尚未建立护理标准的耳鸣中的疗效。Neuromod的治疗设备Lenire®已经在欧洲商业化,并在爱,比,德市场上销售。有关Lenire®的更多详情,包括供应商名单,请访问 耳鸣影响着全球10%至15%的人口,全世界每100人中至少有1人的生活受到严重影响,因为耳鸣这种经常被描述为耳鸣或嗡嗡声的无止境的虚幻声音。 您可以在此访问完整的临床试验结果: 1在一项大型随机临床研究中,结合声音和舌头刺激的双峰神经调节减少耳鸣症状-科学转化医学07年10月2020:vol。12,第564期,eabb2830 DOI:10.1126/scitranslmed.abb2830 在businesswire.com上查看源代码版本: 联系人 FTI咨询媒体关系 梅拉妮·法雷尔 奥利韦拉 电话:+353 1 663 3686 电子邮件 来源:Neuromod设备有限公司 在线查看此新闻稿: