ONWARD Medical Raises EUR 50 Million with Strategic Investment from Ottobock

ONWARD Medical N.V., a company focused on spinal cord stimulation therapies, has successfully raised EUR 50 million through an upsized capital increase. This move was made possible by strong demand from high-quality institutional investors, including a significant investment from Ottobock SE & Co. KGaA, a leader in prosthetics and orthotics technology.

The capital raised will support ONWARD Medical's development and commercialization activities for at least two years, including the anticipated U.S. launch of its ARC-EX System. The investment marks the beginning of a strategic partnership with Ottobock, which now owns approximately 10% of ONWARD's share capital.

The funds will be allocated towards research, development, U.S. commercialization, quality and operations enhancement, and potential strategic opportunities. The new shares are set to be listed on Euronext and are expected to begin trading on October 28, 2024.