NeuromodTuesday, 20 October 2020
ByrneWallace advise Neuromod Devices Limited (Neuromod), a medical technology company in connection with a €10.5 million fundraising, comprising of both equity investment and venture-debt. Neuromod will use this funding 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. This Series B financing round was led by Fountain Healthcare Partners, with participation from existing investors, Moffett Investment Holdings and Medical Device Resources, with venture-debt being provided by Kreos Capital and Silicon Valley Bank.
Founded in 2010, Neuromod specialises in non-invasive neuromodulation technologies. The company operates a centre of excellence specialising in neuromodulation and tinnitus in Dublin, offering tinnitus assessments and treatment with its Lenire® tinnitus treatment device. The Company recently concluded a trial of the Lenire® device, the largest and longest followed up clinical trial into the hearing condition, which is a first for the tinnitus field in evaluating the long-term outcomes of a medical device approach.
The ByrneWallace team who advised on this transaction included Catherine Dowling (Partner, Corporate & Life Science), Triona Ryan (Senior Associate, Banking), Bianca McLaughlin (Solicitor, Corporate & Life Sciences) and Genevieve Gallagher (Solicitor, Banking).
For more information on this transaction and to view Neuromod’s press release click here.