Category: 2024

• Lenire, the first and only tinnitus treatment device of its kind approved by the FDA, is now an option for 2.9 million veterans living with tinnitus through Veterans Affairs.⁵
• Lenire is the first and only bimodal neuromodulation device to be awarded a Federal Supply Schedule (FSS) Contract from the US Government.
• The General Services Administration Federal Supply Schedule 65 II Medical Equipment and Supply Contract will also make Lenire an option for patients receiving care through the Department of Defense (DoD), the Bureau of Prisons, Indian Health Services, and Public Health Services.

Chicago, Illinois, June 17th, 2024: Neuromod USA Inc. has been awarded a Federal Supply Schedule 65 II Medical Equipment and Supply Contract from the US Government, making the Lenire tinnitus device a treatment option for the 2.9 million US Veterans living with tinnitus⁵ through the Department of Veterans Affairs (VA).

The General Services Administration FSS Contract will also make Lenire an option for patients receiving care from the Department of Defense (DoD), Bureau of Prisons, Indian Health Services, and Public Health Services.

Lenire is the first bimodal neuromodulation device to receive a Federal Supply Schedule (FSS) Contract. It can be prescribed when appropriate by a trained healthcare clinician for the treatment of tinnitus.

General Services Administration’s decision to award the FSS contract was based on Neuromod Devices’ clinical trial success, commercial sales practices, financial performance, and additional clinical capability factors.

Tinnitus, which is commonly known as “ringing in the ears,” is a complex neurological condition afflicting an estimated ten percent of all adults.⁴ It causes a perception of sound when there is no external source. If left untreated, tinnitus severity can have a significant impact on a person’s quality of life.

Tinnitus has been the number one service-connected disability compensated for by the VA since 1955. More than 2.9 million veterans received more than $5 billion in compensation in 2023.⁵ Sixty-three percent of all auditory Veteran Compensation Claims were for tinnitus.⁵

“Tinnitus is the number one service-connected disability,” said Eric Timm, Neuromod USA CEO and Neuromod Devices President of Global Commercial Operations.

“The number of veterans with tinnitus is growing at a double-digit rate annually. Neuromod’s FSS Contract ensures that current and future veterans have access to clinically proven tinnitus treatment technology. Everyone at Neuromod is privileged to be serving our veterans by doing our part for tinnitus care.”

Lenire’s bimodal neuromodulation works by pairing specially designed tones heard through wireless headphones with mild electrical pulses that stimulate the tongue through a component called the Tonguetip®.

In March 2023, Lenire became the first tinnitus treatment device to be awarded FDA Approval through the De Novo framework. FDA Approval was granted based on the success of Lenire’s controlled large-scale clinical trial, TENT-A3.

That trial confirmed Lenire was clinically superior to sound-only stimulation. 70.5% patients with moderate or worse tinnitus who did not report clinically significant improvement in their tinnitus from six weeks of sound-only, reported clinically significant tinnitus improvement following six weeks of treatment with Lenire.³

The majority of patients with moderate or worse tinnitus who benefitted from six weeks of sound-only stimulation experienced additional benefit from a further six weeks of treatment with Lenire.^{3, 6}

Nearly 89 percent of clinical trial participants would recommend Lenire to treat tinnitus.⁶

About Neuromod Devices

Founded in 2010, Neuromod Devices is a global medical technology company with offices in Ireland, and the United States of America. Neuromod specialises in the design and development of neuromodulation technologies to address the clinical needs of underserved patient populations who live with chronic and debilitating conditions.

The lead application of Neuromod’s technology is in the field of tinnitus, where Neuromod has completed extensive clinical trials to confirm the efficacy of its non-invasive neuromodulation platform in this common disorder.

For more information visit www.neuromoddevices.com.

About Lenire^®

Lenire® is the first non-invasive bimodal neuromodulation tinnitus treatment device shown to soothe and relieve tinnitus in large-scale clinical trials.^1,2,6

Lenire® has CE-mark certification for the treatment of tinnitus under the supervision of an appropriately qualified healthcare professional in Europe and has received a De Novo Approval Grant by the US FDA.

Further details about Lenire® including a list of providers can be found at www.lenire.com.

References & Notes

1. Conlon et al., Sci. Transl. Med. 12, eabb2830 (2020)
2. Conlon et al., Different bimodal neuromodulation settings reduce tinnitus symptoms in a large randomized trial, Sci Rep, https://www.nature.com/articles/s41598-022-13875-x (2022)
3. Neuromod Devices Ltd., Lenire (CR-201) Clinician’s Manual, (2023)
4. https://www.nidcd.nih.gov/health/tinnitus
5. US VA Benefits Report Fiscal Year 2023: https://www.benefits.va.gov/REPORTS/abr/
6. TENT-A3 trial data in preparation for publication: https://clinicaltrials.gov/study/NCT05227365?intr=lenire&rank=1

Dublin, Ireland, January 23, 2024: Neuromod Devices Ltd., developer of the first and only FDA approved bimodal neuromodulation tinnitus treatment device, Lenire^®, has announced reorganisation of the company’s finance responsibilities within its Senior Management Team.

The reorganisation sees Chief Financial Officer, Derek Madden assume the role of Vice President of Finance and Corporate Governance. Neuromod’s current Chief of Strategy & Corporate Development, Florian Elsaesser, will succeed Mr. Madden as the company’s new Chief Financial Officer.

Neuromod was granted FDA approval for its first-of-a-kind tinnitus treatment device, Lenire, in 2023, which saw the technology company successfully launch in the United States of America resulting in exponential commercial growth.

The commercial growth combined with the company’s continuous expansion of US and European availability of Lenire, as well as an increase in corporate finance activity, prompted the organisation to ensure its financial organisation is best resourced and structured for continued growth. The reorganisation combines the strengths, skills, and experience of Mr. Elsaesser and Mr. Madden as Neuromod Devices enters a critical growth phase.

“The reorganisation ensures Mr. Elsaesser’s previous experience is fully utilised to deliver on our corporate development plans, which in turn, empowers Mr. Madden to focus his considerable expertise leading a medical device manufacturer on maintaining Neuromod’s financial operational excellence as we continue our global expansion.” – Dr. Ross O’Neill, Neuromod Devices Founding CEO.

Neuromod Finance Leadership Reorganisation

Florian Elsaesser gained extensive experience at a private equity-backed hearing instrument company as CFO of International Sales at Siemens Audiology Group, which was acquired from Siemens by EQT VI for €2.15bn. His appointment as Neuromod’s CFO allows the company to leverage his knowledge and provide dedicated resource to deliver on its strategic corporate development plan.

Derek Madden, Neuromod’s CFO for over a decade, has led the organisation through significant commercial growth and financing milestones including a €30 million Series B extension in 2023 which included the participation of the European Investment Bank.

Madden’s appointment as Vice President of Finance and Corporate Governance ensures that Neuromod will continue to support its commercial success in 2024 and beyond through the continued development of the financial operations required of a rapidly growing company.

Neuromod Devices’ bimodal neuromodulation tinnitus treatment device, Lenire, is the first device of its kind to receive FDA approval and CE-mark certification. Lenire has one of the largest evidence bases in existence for a tinnitus treatment device, having been proven safe and effective in three large-scale clinical trials that involved over 600 patients.^1,2,3

About Neuromod Devices

Founded in 2010, Neuromod Devices is a global medical technology company with offices in Ireland and USA. Neuromod specialises in the design and development of neuromodulation technologies to address the clinical needs of underserved patient populations who live with chronic and debilitating conditions.

The lead application of Neuromod’s technology is in the field of tinnitus, where Neuromod has completed extensive clinical trials to confirm the efficacy of its non-invasive neuromodulation platform in this common disorder. For more information visit www.neuromoddevices.com.

About Lenire^®

Lenire® is the first non-invasive bimodal neuromodulation tinnitus treatment device granted approval by the US FDA after being shown to soothe and relieve tinnitus in large-scale clinical trials.

Lenire® has CE-mark certification for the treatment of tinnitus under the supervision of an appropriately qualified healthcare professional in Europe and has received a De Novo Approval Grant by the US FDA. Further details about Lenire® including a list of providers can be found at www.lenire.com.

References

• Conlon et al., Sci. Transl. Med. 12, eabb2830 (2020)
• Conlon et al., Different bimodal neuromodulation settings reduce tinnitus symptoms in a large randomized trial, Sci Rep, https://www.nature.com/articles/s41598-022-13875-x (2022)
• TENT-A3 clinical trial data in preparation for publication. https://clinicaltrials.gov/ct2/show/NCT05227365