Eindhoven breakthrough: €50 million for walking revolution paraplegic patients

Eindhoven-based Onward Medical has raised €50 million for their groundbreaking spinal cord stimulator. Germany’s Ottobock, a leader in orthopedic technology, is investing and acquiring 10% shares. The stimulator, which aims to restore movement to spinal cord patients, is about to enter the US market. This capital will stimulate research over the next two years. With fewer than 12 employees in Eindhoven and a core operation in Lausanne, former G&A winner Onward Medical demonstrates the global ambition of Dutch medtech innovation.

Most of this financial boost comes from the German company Ottobock, a leading player in prosthetics and orthopedic devices. With this investment, Ottobock takes a tenth of the shares in Onward Medical. This confirms the position of trust Onward has established within the medical technology sector.

Strategic cooperation with Ottobock

The cooperation between Onward Medical and Ottobock is not new. Previously, the companies announced they were joining forces. The recent investment strengthens this bond and allows Onward Medical to develop and market its therapies worldwide. With the support of an established name like Ottobock, Onward can accelerate and improve its innovative treatments.

Ottobock, with more than a century of experience developing solutions for people with reduced mobility, sees great potential in Onward’s therapy approaches for people with spinal cord injuries. It shows a clear commitment to innovation and progress in the industry.

The US market is in the crosshairs

After years of investment in research and development, Onward Medical is ready to enter the U.S. market with its spinal cord stimulator. The first products are expected to be available within a few months, an important step for the company to generate revenue from its inventions.

This step is crucial, as Onward has invested mainly in its products’ development phase. In March, a previous capital injection of €20 million showed dwindling financial reserves. However, with the current €50 million investment, the company seems to be back on track for further development and commercialization.

The road to commercial success

Onward Medical is focused on commercial success. Approving their regulatory filing with the FDA for the ARC-EX System in the US is a major milestone. The company is also preparing for regulatory submission in Europe. These steps are essential for the eventual commercialization of their products.

Ottobock’s investment highlights Onward’s belief in innovation and their shared ambition to drive breakthrough innovation within the industry. With the combined strengths of both companies, they can significantly impact the quality of life of people with spinal cord injury.