Neuromod said today it raised $6.2 million (EU€5.5 million) in a Series A round of financing, with fund slated to support its mutebutton bi-modal neuromodulation device for patients with chronic tinnitus.
Funds from the round came from venture capital firm Fountain Healthcare Partners, the Dublin-based company said.
“Neuromod is delighted to announce this investment, which will help us to advance our unique chronic tinnitus treatment technology. As an emerging company we welcome the support and knowledge offered to us from partnering with an experienced international life sciences venture capital fund such as Fountain Healthcare Partners. We are also particularly grateful for the ongoing support we have received from our manufacturing partners, M&M Qualtech and Molex, and from Enterprise Ireland, which enable innovative Irish companies, like Neuromod, to grow and succeed on the international stage,” CEO Dr Ross O’Neill said in prepared remarks.
The mutebutton is a handheld bi-modal neuromodulation device device that helps the brain distinguish between real and phantom noises through audio and tongue stimulation. The system promotes neur0plasticity in areas of the brain associated with tinnitus, the company said.
“Neuromod is an exciting company, with the potential to offer a superior treatment to and improve the quality of life of the millions of patients suffering with chronic tinnitus. The company has a proprietary neuromodulation technology, promising clinical results and a highly committed team. Neuromodulation is a key area of interest for Fountain Healthcare and chronic tinnitus is a poorly served global market opportunity with relatively little competition. We are investing in Neuromod to help build a credible and sustainable business in tinnitus with prospects for strong future growth,” Fountain Healthcare Partners co-founder Dr Manus Rogan said in a press release.
Funds are slated to be used to advance dose-optimization and patient sub-type research, as well as to commence U.S. clinical trials of mutebutton, Neurmod said.
The device won CE Mark approval in the European Union last October.