Ottobock expanded its investment in ONWARD Medical, a European medical technology company creating therapies for people with spinal cord injury and other movement disabilities. ONWARD Medical raised gross proceeds of EUR 50.9 million (approximately $59 million USD) this week through an accelerated bookbuild offering with existing and new institutional investors. Ottobock acted as cornerstone investor in the transaction by investing EUR 10 million and maintains its role as the largest shareholder.
The current investment is a follow-on to Ottobock’s initial investment in ONWARD Medical in 2024, when Ottobock invested EUR 22.5 million and became a cornerstone investor. Since then, ONWARD Medical launched a neuromodulation device, the ARC-EX System, in the US market. ONWARD expects to use 30 percent of the capital to expand sales and operations to support commercialization of the ARC-EX System, and to invest 40 percent in the company’s investigational implantable ARC-IM System, which has received Breakthrough Device Designation from the US Food and Drug Administration to treat blood pressure instability and other symptoms in people with spinal cord injury.
“We believe in ONWARD Medical’s technology. These developments fit perfectly into our future strategy in the field of neuro-orthotics,” said Ottobock CEO Oliver Jakobi. “We therefore decided to strengthen our role as the largest shareholder and strategic partner with new investments.
In addition to the financial participation, the companies want to leverage complementary products and services and explore further possibilities for joint innovation in the areas of neuro technology, neuro-orthotics, and exoskeletons.
