20 April 2023
Promoter – Financial Intermediary
NEUROMOD DEVICES LTD
Neuromod is an Irish medical technology company located in Dublin developing non-invasive neuromodulation treatments for patients suffering from chronic and debilitating conditions.
Additionality and Impact
The project addresses the failure in financial markets for small innovative and high-growth companies arising from the limited access and/or prohibitive cost of financing charged by creditors/investors as a result from information asymmetries, higher uncertainty, lack of collateral and imperfect screening and monitoring. The project is in line with the objectives of Horizon Europe program. The project will deliver a medical device for management of tinnitus, a condition with prevalence ranging from 4.6% to 30%. EIB's financing would be complementary to European VC investors and would provide a signalling effect to crowd-in other capital providers, which are necessary for the completion of the product development stage and commencing commercial operations.
The aim is to support the development, manufacturing and commercialising of a tinnitus treatment device called Lenire.
Proposed EIB finance (Approximate amount)
EUR 15 million
Total cost (Approximate amount)
EUR 39 million
The promoter's investments concern research, development and innovation activities that are expected to be carried out in existing facilities already authorised for the same purpose and would therefore not require an environmental impact assessment (EIA) under Directive 2011/92/EU. Full environmental details will be verified during appraisal.
The promoter is a private company, not operating in the utilities sector and does not have the status of a contracting authority; thus the project is not covered by the EU directives on procurement. However, the Promoter's procurement procedures are expected to be in line with EIB's guidelines for private sector projects. The Bank's services will verify details during the project due diligence.
Signed - 12/04/2023