ONWARD Medical: Q3 2024 Update - A Pivotal Quarter for Spinal Cord Stimulation
Tuesday, Nov 26, 2024 1:38 am ET
4min read ONWARD Medical N.V., a pioneering medical technology company specializing in innovative spinal cord stimulation therapies, recently provided its Q3 2024 update and year-to-date highlights. The quarter marked several significant milestones, underscoring the company's commitment to restoring movement, function, and independence in people with spinal cord injury (SCI) and movement disabilities.
The quarter was highlighted by a successful $50 million financing round, with Ottobock, a global leader in prosthetics, orthotics, and exoskeleton technology, becoming the company's top investor. This strategic partnership will support critical development, clinical, and commercial activities, further bolstering ONWARD's financial stability and growth potential.
Another notable achievement was the exclusive license signed with Commissariat à L'énergie Atomique et aux Énergies Alternatives (CEA) to develop and commercialize the WIMAGINE® Brain-Computer Interface (BCI) as part of the company's ARC-BCI System. This collaboration positions ONWARD to be the first to market with a BCI-enabled system to restore thought-driven movement after paralysis, accelerating innovation and competitive advantage.
The company also secured a $1.1 million grant from the Christopher & Dana Reeve Foundation to expand an ongoing clinical feasibility study exploring the use of ARC-BCI Therapy to restore thought-driven use of the hands and arms after SCI. This grant will support four additional study participants to be implanted with the ARC-BCI System, furthering ONWARD's mission to advance spinal cord stimulation therapies.
In October, the Company's ARC-EX System was named one of TIME Magazine's Best Inventions of 2024, reflecting its growing reputation and impact in the market. Additionally, the company was issued five new patents during Q3 2024, strengthening its intellectual property portfolio and first-mover advantage.
The quarter also saw strategic changes in the company's board of directors, with Rob ten Hoedt, former Medtronic President and Executive Committee member, joining as incoming Chairman. Rahma Samow, President and CEO of ClearChoice Dental Implant Centers, also joined the board, bringing valuable expertise and industry insights.
ONWARD Medical's Q3 2024 update demonstrates the company's continuous progress in developing and commercializing innovative spinal cord stimulation therapies. With strategic partnerships, robust financial backing, and a strong intellectual property portfolio, ONWARD is well-positioned to maintain its competitive edge in the market and continue its mission to restore movement, function, and independence for people with SCI and movement disabilities.
The quarter was highlighted by a successful $50 million financing round, with Ottobock, a global leader in prosthetics, orthotics, and exoskeleton technology, becoming the company's top investor. This strategic partnership will support critical development, clinical, and commercial activities, further bolstering ONWARD's financial stability and growth potential.
Another notable achievement was the exclusive license signed with Commissariat à L'énergie Atomique et aux Énergies Alternatives (CEA) to develop and commercialize the WIMAGINE® Brain-Computer Interface (BCI) as part of the company's ARC-BCI System. This collaboration positions ONWARD to be the first to market with a BCI-enabled system to restore thought-driven movement after paralysis, accelerating innovation and competitive advantage.
The company also secured a $1.1 million grant from the Christopher & Dana Reeve Foundation to expand an ongoing clinical feasibility study exploring the use of ARC-BCI Therapy to restore thought-driven use of the hands and arms after SCI. This grant will support four additional study participants to be implanted with the ARC-BCI System, furthering ONWARD's mission to advance spinal cord stimulation therapies.
In October, the Company's ARC-EX System was named one of TIME Magazine's Best Inventions of 2024, reflecting its growing reputation and impact in the market. Additionally, the company was issued five new patents during Q3 2024, strengthening its intellectual property portfolio and first-mover advantage.
The quarter also saw strategic changes in the company's board of directors, with Rob ten Hoedt, former Medtronic President and Executive Committee member, joining as incoming Chairman. Rahma Samow, President and CEO of ClearChoice Dental Implant Centers, also joined the board, bringing valuable expertise and industry insights.
ONWARD Medical's Q3 2024 update demonstrates the company's continuous progress in developing and commercializing innovative spinal cord stimulation therapies. With strategic partnerships, robust financial backing, and a strong intellectual property portfolio, ONWARD is well-positioned to maintain its competitive edge in the market and continue its mission to restore movement, function, and independence for people with SCI and movement disabilities.
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