Company’s Lenire device approved by FDA uses sound and electric stimulation to ease symptoms of tinnitus
Irish medtech group Neuromod Devices has raised €30 million to fund its expansion into the US market in one of the biggest fundraisings by an Irish company this year.
Neuromod’s Lenire device has been approved by the Food and Drug Administration (FDA), the US regulator, for the treatment of severe tinnitus in the US market. Lenire is the first bimodal neuromodulation device on the market, using both sound and electrical stimulus of the tongue to reduce the symptoms of the condition.
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Tinnitus is characterised as a persistent ringing in the ears and affects one in eight adults. It is a particular problem among US army veterans. Neuromod chief executive Dr Ross O’Neill said its first target in the US would be to secure as many contracts as possible with VA (department of veteran affairs) clinics across the country.
“The US is a huge market, 40 per cent of the global hearing-aid market, and 50 million Americans have tinnitus,” said Dr O’Neill, the company’s founder, noting that the US department of defence’s department of veteran affairs is the largest purchaser of hearing aids globally, buying about 800,000 a year to service 1.5 million veterans with hearing loss.
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