ONWARD® Medical Announces Changes to Board of Directors, Including Addition of Medtech Leader Rob ten Hoedt as Incoming Chairman

21 Oct 2024 07:30 CEST

Issuer

ONWARD MEDICAL

Ten Hoedt is a former Medtronic President and Executive Committee Member; also a former Chairman of MedTech Europe

Commercial and digital health expert Rahma Samow will also join as Director

Current Board Chairman Jan Ohrstrom and Director Fred Colen to retire from the Board at year-end after 8 years of service

EINDHOVEN, the Netherlands, Oct. 21, 2024 (GLOBE NEWSWIRE) -- ONWARD Medical N.V. (Euronext: ONWD), the medical technology company creating innovative spinal cord stimulation therapies to restore movement, function, and independence in people with spinal cord injury (SCI), today announces that Rob ten Hoedt, a well-respected medtech leader who most recently served as Executive Vice-President and President Global Regions at Medtronic and Chairman of MedTech Europe, is joining the Company’s Board of Directors. Ten Hoedt will become Chairman at year-end following the planned retirement of current Director and Chairman Jan Ohrstrom after 8 years of service.

A former Executive Committee Member at Medtronic, the world’s largest medical device company, Ten Hoedt brings an impressive track record in technology development and business-model innovation that will assist the Company as it transitions to a commercial enterprise with the planned launch of its ARC-EX System in the US later this year, which is currently under FDA review. Ten Hoedt has also served as longtime Chairman of the Board of MedTech Europe, the association representing the medical technology industry in Europe.

"I am honored and excited to join the Board of this exceptional Company,” said Ten Hoedt. "I have always been drawn to opportunities to make a difference, address unmet needs, and confront unsolved challenges. I look forward to working with Dave Marver and the rest of the Board and Management team to help ONWARD achieve its vast potential.”

In alignment with the Company’s shift to commercial activities, digital health and direct-to-consumer business leader Rahma Samow will also join the Board of Directors. She is currently President and CEO of ClearChoice Dental Implant Centers, a fast-growing US-based leader in dental implant therapy and tooth replacement services with over 2,000 employees. Prior to ClearChoice, Samow served on the Executive Management Board of Swiss-based Straumann Group following a 15-year career with Siemens Healthineers. At Siemens, she held the position of Senior Vice President, Global Head of Marketing, Sales & Communications for Digital Health Services, with a global presence spanning the U.S., Germany, the Middle East, and Africa.

"We are excited that a leader of Rob’s caliber has chosen to join our Board of Directors as incoming Chairman,” said Dave Marver, CEO of ONWARD Medical. "We have a relationship dating back two decades when we worked together at Medtronic. Rob brings positive energy, a peerless network, an innovation mindset, and a heartfelt commitment to mission-driven initiatives. He is going to make a huge difference as we transition to a commercial Company and pursue our important work to help those with spinal cord injury.”

“I want to thank and recognize Jan for his eight years of outstanding and committed service to our Board and Company,” said Marver. “I have enjoyed working with Jan immensely and wish him the best as he steps down to spend more time with family and pursue personal interests. He has earned the right to do more sailing.”

“I would also like to thank Fred Colen for his many years of service to our Board and Company,” said Marver. “Fred leveraged his deep experience as a medtech R&D and business leader to provide sage counsel to the Company and our key leaders since 2016. The Company is grateful to both Jan and Fred for their guidance during our journey from a mere start-up to a public company on the verge of commercialization.”

"Lastly, I’m thrilled about the fresh perspective and expertise Rahma brings to the Company,” said Marver. “She will help us build communities among the people we serve, as well as their loved ones, many of whom actively seek information and guidance online. With her extensive experience in global sales and marketing, Rahma will also help us navigate the complexities of commercializing our therapies in international markets, whether directly or through collaboration with distribution partners.”

Both Ten Hoedt and Samow will join the Board of Directors in October and will participate in the planned December Board meeting. Their appointments as Directors are expected to be formally ratified by votes of the Company’s shareholders at the 2025 Annual General Meeting (AGM). Ten Hoedt is also expected to assume the role of Chairman in December upon the planned retirement of Ohrstrom.

To learn more about ONWARD Medical’s commitment to partnering with the SCI Community to develop innovative solutions for restoring movement, function, and independence after spinal cord injury, please visit ONWD.com.

Note: All ONWARD^® Medical devices and therapies, including but not limited to ARC-IM^®, ARC-EX^®, ARC-BCI^™, and ARC Therapy^™, alone or in combination with a brain-computer interface (BCI), are investigational and not available for commercial use.

About ONWARD Medical

ONWARD^® Medical is a medical technology company creating therapies to restore movement, function, and independence in people with spinal cord injury (SCI) and movement disabilities. Building on more than a decade of scientific discovery, preclinical, and clinical research conducted at leading hospitals, rehabilitation clinics, and neuroscience laboratories, the Company has developed ARC Therapy^™, which has been awarded ten Breakthrough Device Designations from the US Food and Drug Administration (FDA).

ONWARD ARC Therapy is targeted, programmed spinal cord stimulation designed to be delivered by the Company’s external ARC-EX^® or implantable ARC-IM^® platforms. ARC Therapy can also be delivered by the Company’s ARC-BCI™ platform, which pairs the ARC-IM System with brain-computer interface (BCI) technology to restore movement after SCI with thought-driven control.

Use of non-invasive ARC-EX Therapy significantly improved upper limb function after SCI in the global pivotal Up-LIFT trial, with results published by Nature Medicine in May 2024. The Company has submitted its regulatory application to the FDA for clearance of the ARC-EX System in the US and is preparing for regulatory submission in Europe. In parallel, the Company is conducting clinical studies with its ARC-IM Therapy, which demonstrated positive interim clinical outcomes for improved blood pressure regulation following SCI. Other ongoing clinical studies focus on using ARC-IM Therapy to address mobility after SCI and gait challenges in Parkinson’s disease as well as using the ARC-BCI platform to restore thought-driven movement of both upper and lower limbs after SCI.

Headquartered in Eindhoven, the Netherlands, ONWARD Medical has a Science and Engineering Center in Lausanne, Switzerland and a US office in Boston, Massachusetts. The Company is listed on Euronext Paris, Brussels and Amsterdam (ticker: ONWD).

For more information, visit ONWD.com, and connect with us on LinkedIn and YouTube.

For Media Inquiries:
Aditi Roy, VP Communications
media@onwd.com

For Investor Inquiries:
Amori Fraser, Finance Director
investors@onwd.com

Disclaimer

Certain statements, beliefs, and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ current expectations and projections about future events. By their nature, forward-looking statements involve several risks, uncertainties, and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, delays in regulatory approvals, changes in demand, competition, and technology, can cause actual events, performance, or results to differ significantly from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions, or circumstances on which these forward-looking statements are based. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. All ONWARD Medical devices and therapies referenced here, including but not limited to ARC-IM^®, ARC-EX^®, ARC-BCI™ and ARC Therapy™, are investigational and not available for commercial use.

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