Neuromod Devices Announces Finance Leadership Reorganisation

DUBLIN, Jan. 23, 2024 /PRNewswire/ -- 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.

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

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. TENT-A3 clinical trial data in preparation for publication. https://clinicaltrials.gov/ct2/show/NCT05227365

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SOURCE Neuromod Devices