The Irish medical device company Neuromod has recently received an initial €5.5 million in Series A funding from a venture capital fund Fountain Healthcare. Neuromod are based in UCD’s Industry partner centre NexusUCD and was set up by Dr Ross O’Neil in 2010 to develop a medical solution to combat chronic tinnitus. Tinnitus is a symptom of a condition within the brain that causes sufferers to experience a ringing or buzzing sound in their ears. Neuromod have attempted to find a non-invasive solution by ‘re-training’ aspects of the sensory and neurological link within the patient’s brain. Their device mutebotton® stimulates different sensory centers in the patients ears and tongue in order to promote positive changes in the patient’s brain and sensory system. The investment it is hoped will upscale Neuromod’s initial successes in treatment and research and move the Irish company towards a global stage.
The €5.5 million windfall of funding will be used to help the company to begin clinical trials in the US, and continue further research into the possibilities of their neuromodualtion process. So far their device mutebotton® has only been used to treat 50 tinnitus patients, but with encouraging results. Up until now tinnitus patients have had to rely on the management of their condition with no medical cure or treatment available. The pioneering success of Neuromod then will come as a huge sign of optimism for the estimated 45,000 people who suffer from the condition in Ireland, and the estimated 250 million people worldwide. It is hoped their device mutebotton will be rolled out and launched globally by 2018. The market for such a treatment would be expected to be exponential, as tinnitus has been under researched and medical investigations into treatments only marginal. The impressive Irish company was recognized as the ‘Emerging Company of the Year’ this year at the Irish Medical Device association. Neuromod will continue its work from the college’s innovation hub in NexusUCD, but will no doubt begin to branch out internationally in the coming years.
Dr Ross O’Neill, founding CEO of Neuromod when speaking on the investment 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.”
Author: Jack Power