Neuromod Devices to create 50 jobs as company launches new treatment device for Tinnitus
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD has announced that Neuromod Devices, headquartered in NovaUCD, will create 50 jobs for Dublin over the coming years. The announcement came as Neuromod Devices launched mutebutton™ a new device for the treatment of Tinnitus.
The new highly specialised roles will be key in supporting the company’s global growth targets to become a leading global provider of non-surgical neuromodulation treatments for chronic conditions. This project has been supported by the Department of Jobs, Enterprise and Innovation through Enterprise Ireland.
Neuromod Devices has also been presented with The Emerging Medical Company of the Year Award (2014-2015). The presentation took place at the annual Medical Industry Excellence Awards 2014 organised by Enterprise Ireland, the Irish Medical Devices Association (IMDA) and IDA Ireland.
Mutebutton™ is an innovative, clinically proven, self-administered treatment designed to alleviate the symptoms of chronic tinnitus sufferers. mutebutton™ is the culmination of over four years of research and development since the company was founded in 2010 by CEO, Dr Ross O’Neill as a spin-out from Maynooth University.
“A key part of our Action Plan for Jobs is turning good ideas into good jobs. Over the past decade we have invested heavily in Government-supported research and innovation – the challenge we have been trying to address in the past three years is to build on that to create commercial ideas and ultimately jobs,” said Minister Bruton.
“[Today] Neuromod is announcing that it is creating an extra 50 high-end jobs in Dublin as a result of a product it has created through innovation it has carried out – this is a great example of what we are trying to achieve. I congratulate Neuromod Devices on its achievements and wish Ross and the team every success in the coming years.”
Irish Tinnitus suffers will be the first members of the public to be able to access the mutebutton™ treatment through the Irish website www.mutebutton.ie
Once purchased the device will be delivered to The Neuromod Clinic™, where patients will be given an appointment to have the device configured to their needs by a qualified audiologist. This new development is in response to increased demand in the global medical device market for sophisticated and innovative medical devices.
The mutebutton™ system combines synchronous audio and lingual (tongue) stimulation to promote patient neuroplasticity, effectively ‘retraining’ the brain.
Used for a minimum of 30 minutes a day over a ten week period, the treatment has been clinically proven to reduce the sounds of tinnitus in studies conducted by NUI Maynooth and the Hermitage Medical Centre Dublin.
“I am delighted to announce the launch of a revolutionary new treatment for tinnitus sufferers, a condition which has lacked sufficient treatment to date despite affecting 1 in 10 of us,” said Dr Ross O’Neill, Chief Executive Officer, Neuromod Devices Ltd.
“After four years of research and development, [today] Neuromod Devices is positioned to meet the unmet needs of tinnitus patients’ globally, with the launch of the mutebutton™ device. I am immensely proud of what we have achieved as a small Irish SME, in just 4 years and this is in no small part thanks to the state support we have received from Enterprise Ireland, NovaUCD and the NDRC.”
Michael Moriarty, Enterprise Ireland said, “Enterprise Ireland’s strategy is to work in partnership with the Irish companies to support their plans for growth and help them win new business in global markets. As an Irish success story, Enterprise Ireland looks forward to continuing to work closely with Neuromod Devices as they seek to establish the mutebutton™ system on the global market and look to expand into new treatments and research. It will now be possible to deliver a new global standard of care for chronic tinnitus suffers and grow their international business to create employment in Ireland.”
On winning The Emerging Medical Company of the Year Award 2014-2015 Dr Ross O’Neill, CEO, Neuromod Devices Ltd expressed his appreciation and said, “It is an honour to be awarded the Emerging Company of the Year by the IMDA, especially in Ireland where we have such a thriving medical technology sector which employs 25,000 people nationwide and accounts for €8 billion in exports.”
He added, “As an emerging company, today we are also proud to announce the launch of our mutebutton™ multisensory tinnitus treatment, the opening of The Neuromod Clinic™ and the creation of 50 new jobs. We appreciate the ongoing support of IMDA, IBEC and agencies like Enterprise Ireland which enable global innovation in Ireland and help to position Irish companies like Neuromod Devices for global success. We are truly honoured.”
The mutebutton™ device will be on sale in Ireland in December ahead of a wider European launch commencing in January 2015.