ONWARD Medical raises EUR 50 million and welcomes a new strategic partner
Life sciences
28 October 2024
ONWARD’s brain-computer interface detects brain signals for intended movement in paralyzed patients, and AI algorithms send these signals to the ARC-IM spinal cord stimulator to prompt movement in the arms, hands, or fingers. | © ONWARD Medical
ONWARD Medical has raised EUR 50 million through an upsized private placement, establishing a strategic partnership with Ottobock. The funds will drive ONWARD’s research and commercialization of spinal cord therapies, with plans for collaboration with Ottobock on future innovations.
ONWARD Medical, a leader in spinal cord stimulation therapies, has raised EUR 50 million through an upsized private placement with institutional investors, securing a substantial two-year cash runway. This capital increase reflects strong demand and supports ONWARD’s mission to restore movement, function and independence to people with spinal cord injury (SCI). This latest funding also establishes a strategic partnership with Ottobock, a global innovator in prosthetics, orthotics and exoskeletons, which has acquired approximately 10% of ONWARD’s share capital.
In addition, ONWARD recently raised EUR 20 million through a combination of private placement and IPO to support product development, clinical trials and the anticipated U.S. launch of its ARC-EX system for hand and arm function restoration. These achievements have strengthened ONWARD’s financial position and its ability to advance cutting-edge therapies in the treatment of spinal cord injury.
The partnership with Ottobock, a company with over 100 years of expertise in mobility solutions, aims to explore joint development and commercial ventures. “We are thrilled to welcome Ottobock as a strategic investor and partner,” said ONWARD CEO Dave Marver. “Their expertise aligns with our mission, and we look forward to collaborating to expand our range of groundbreaking therapies.” Ottobock’s Chairman, Professor Hans Georg Näder, expressed similar optimism, highlighting ONWARD’s potential to become a “game-changer” in SCI therapy.
ONWARD plans to use the funds to advance research and development, particularly for its ARC-EX, ARC-IM and ARC-BCI systems. The investment will also support the commercial launch of ARC-EX in the U.S., the expansion of operational infrastructure, and strategic opportunities that may include licensing or acquisitions.
