Ottobock recently announced that it has invested €22.5 million in spinal cord stimulation tech developer Onward Medical.

The investment, announced Oct. 24, makes Ottoback (Duderstadt Germany) the largest shareholder in Onward Medical (Eindhoven, The Netherlands).

Ottobock’s board chair and owner Hans Georg Näder said: “As the innovation leader in our industry, we see great potential in Onward Medical’s therapy approaches for people with spinal cord injuries. With more than 100 years of experience in medical technology innovation, our global network and our strong brand, we will support Onward in realizing their potential.”

Onward expects to launch its ARC-EX system in the coming months in U.S. The company says clinical studies showed the non-invasive neuromodulation device helped most participants — about 90% — improve upper limb strength and function. Onward’s pipeline also includes a NeuroImplant and a Brain-Computer Interface (BCI).

“We are delighted to have successfully completed this equity transaction, which will support Onward’s expected commercialization of the ARC-EX System and other important development, clinical, and commercial activities for the next two years and beyond. We are also very pleased to welcome Ottobock as a strategic investor and partner,” said Onward Medical CEO Dave Marver. “Now that this financing is complete, we look forward to exploring opportunities to collaborate with Ottobock to enhance and accelerate our ability to develop and commercialize our breakthrough therapies worldwide.”

Ottobock’s portfolio includes neurorthotic solutions for people with spinal cord injuries, including its computer-controlled C-Brace leg orthosis.