Advancing Spinal Cord Injury Therapies: Eindhoven’s ONWARD Medical Secures €40.6 Million in Capital Boost

ONWARD Medical Raises €40.6 Million in Private Placement

ONWARD Medical, a NeuroTech company based in Eindhoven, has successfully completed a private placement with institutional investors, raising €40.6 million in gross proceeds. The company, focused on developing therapies for individuals with spinal cord injuries and other movement disabilities, issued 13,520,254 new ordinary shares at €3.00 per share.

The private placement included a significant investment of €25 million from EQT Life Sciences, highlighting the confidence of high-quality investors in ONWARD Medical’s mission and technology.

CEO Dave Marver expressed his satisfaction with the transaction, emphasizing the company’s commitment to developing groundbreaking technologies that enhance movement, function, and independence for individuals with spinal cord injuries and other movement disabilities.

Founded in 2015 by neuroscience researchers from the Swiss Federal Institute of Technology (EPFL), ONWARD Medical’s ARC Therapy is a targeted spinal cord stimulation designed to restore movement and independence for individuals with spinal cord injuries. The company’s ARC-EX® System has received approval for commercial sale in the US and Europe, with the ARC-IM® System currently under clinical evaluation in the Empower BP pivotal trial.

ONWARD Medical plans to allocate the raised capital strategically, with 40% earmarked for product development, clinical studies, and regulatory activities for the ARC-IM® System. An additional 30% will support sales expansion and commercialization efforts for the ARC-EX® System in various markets.

The company also intends to use 20% of the proceeds to enhance quality and administrative functions, while the remaining 10% will be allocated for working capital and general corporate purposes.

The net proceeds from the private placement are expected to sustain ONWARD Medical’s operations until Q1 2028, assuming no drawdown of the debt facility.

Headquartered in the Netherlands, ONWARD Medical has a global presence with a Science and Engineering Centre in Switzerland and a US office in Boston, Massachusetts. The company is listed on Euronext Paris, Brussels, and Amsterdam (ticker: ONWD), with US ADRs trading on OTCQX (ticker: ONWRY).