Neuromod Devices has raised €5.5 million in Series A Funding from Fountain Healthcare Partners to advance its chronic tinnitus treatment.

The Irish medical device company has developed Mutebutton to treat tinnitus. The investment will be used to further enhance understanding of the non-invasive, self-administered treatment, and to conduct clinical trials in the US.

Dr Manus Rogan of Fountain Healthcare will join the Neuromod board of directors as part of the financing. “Neuromodulation is a key area of interest for Fountain Healthcare and chronic tinnitus is a poorly served global market opportunity with relatively little competition," said Rogan. "We are investing in Neuromod to help build a credible and sustainable business in tinnitus with prospects for strong future growth.”

Neuromod’s non-invasive device uses bi-modal neuromodulation through auditory stimulation in the ear and sensory stimulation on the tongue to promote changes in parts of the brain implicated in tinnitus.

Fountain Healthcare’s investment brings the total investment raised by Neuromod to €8 million. Neuromod founder Ross O’Neill had raised €1.2 million in funds from private investors by June 2014. The company received funding from Enterprise Ireland on the promise that the company would create 50 new jobs in Dublin over the five years.

In Association with

“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,” said O'Neill.

The investment will also allow Neuromod to advance dose optimisation, clinical trials and promotion.

Neuromod was awarded ‘Emerging Company of the Year’ at the Irish Medical Device Association Awards in 2015. The Mutebutton received a CE Mark in Europe in 2014 and was granted a US patent this month.

An estimated 250 million people globally suffer from chronic tinnitus, experiencing a ringing sound in the ears. Research has shown it originates in the brain. Tinnitus research has revealed many different types of tinnitus, and bi-modual neromodulation is a promising treatment for certain types. Treatment is currently limited and Neuromod hopes to meet the need with the Mutebutton device.