Nordic Investment Bank (NIB) has agreed to provide €50m funding for Icelandic non-invasive orthopaedics developer, Össur.
The bank entered into a seven-year loan agreement for €50m to support Össur’s R&D programme during 2016–2019.
Össur’s R&D programme is engaged in the development of new prosthetic and orthotic solutions.
The company will also use the funding to re-finance the acquisition of Touch Bionics, a Scottish developer and manufacturer of upper limb prosthetics.
The acquisition, which was completed in April 2016, is helping Össur to provide a complete bionic product portfolio to customers in the prosthetic industry.
According to NIB, the new investments will help expand Össur’s portfolio and support its growth and productivity.
Based in Reykjavik of Iceland, Össur carries out operations in 20 countries. It has around 2,800 employees across the globe.
NIB lending head Thomas Wrangdahl said: “The investments in R&D conducted in Iceland and the acquisition of Touch Bionics will strengthen Össur’s product development and help the company maintain its leading market position in both bionic prostheses and bracing support solutions.”
Image: Össur’s R&D programme will develop new prosthetic and orthotic solutions. Photo: courtesy of Össur.