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news.Audion Therapeutics has secured funds to advance its lead program targeting sensorineural hearing loss to clinical proof of concept.
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Netherlands-based INKEF Capital provided €2.5m of investment and a €5.8m grant was awarded via the Horizon 2020 program.
About 33% of people aged 65 to 74 have hearing loss and nearly 50% of people over the age of 75 are affected.
The number of people globally with age-related hearing loss is estimated to increase to 900 million by 2050.
The National Institutes of Health and the Centers for Disease Control and Prevention estimate that the total annual costs of hearing loss will be $50bn a year in the US alone.
Audion Therapeutics CEO Rolf Jan Rutten said: "The investment from INKEF Capital and the receipt of the Horizon 2020 grant show that there is an increased commitment in both the private and public sector to develop pharmaceutical approaches to treat sensorineural hearing loss.
"Our excellent industrial and academic partners with whom we form the REGAIN consortium under the Horizon 2020 program are essential in our effort to bring a hearing loss treatment to patients."