Ottobock will account for 22.5 million euros and enter into a partnership with Onward.
Onward Medical develops spinal cord stimulators aimed at restoring motor functions for individuals with spinal injuries.
Swiss-Dutch medtech firm Onward Medical, listed on the Brussels stock exchange, raised 50 million euros in a recent funding round, exceeding its initial target of 40 million euros.
The company issued 10 million new shares at 5 euros each, a 13 percent discount from its latest trading price of 5.72 percent.
Germany’s Ottobock, a major player in prosthetics, invested 22.5 million euros, becoming a cornerstone investor and marking the beginning of a strategic partnership focused on product development and distribution.
Onward Medical develops spinal cord stimulators aimed at restoring motor functions for individuals with spinal injuries. The technology could help patients regain the ability to move their arms and improve other essential functions. Listed since 2021, Onward’s market value now stands at over 200 million euros. The Amsterdam stock exchange temporarily halted trading on Onward’s stock to allow for the capital raise and prevent potential price manipulation.
Notably, Swiss investment bank UBS, alongside Belgian bank Degroof Petercam, assisted in attracting new investors. The share price, which fell since Onward’s 2021 IPO at 12.75 euros, has rallied this year amid expectations that the company will gain U.S. approval for its spinal cord stimulator before year-end.
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