ONWARD Medical Raised 50 Million in Capital Increase
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ONWARD Medical, a leading neurotechnology company headquartered in the Netherlands, with R&D operations in Lausanne Switzerland and a US office in Boston, is developing therapies to restore movement and independence in people with spinal cord injuries, and has successfully raised over €50 million through a private placement of new shares.
The capital increase, backed by strong demand from both existing and new investors, was supported by high-quality institutional participants including Ottobock, Invus, and the ASR Global Impact Equity Fund managed by a.s.r. Asset Management N.V. Shares were issued at €4.50 each, with a total of 11.3 million new shares placed.
According to CEO Dave Marver, the funds will help ONWARD expand commercial activities for its ARC-EX® System, already cleared for sale in the United States, and advance its ARC-IM® implantable system toward pivotal clinical trials.
“This transaction provides fuel for our mission to deliver innovative therapies that restore movement, function, and independence after spinal cord injury,” said Marver.
Ottobock CEO Oliver Jakobi added that the company’s continued investment reflects confidence in ONWARD’s technology and aligns with Ottobock’s long-term strategy in neuro-orthotics.
The proceeds will be used to:
- Advance development and regulatory programmes for the ARC-IM® System (40%)
- Expand sales and operations for ARC-EX® in the US, Europe, and other markets (30%)
- Support quality and administrative operations (20%)
- Fund working capital and other purposes (10%)
ONWARD Medical is The company’s shares trade on Euronext Brussels, Amsterdam, and Paris, and its American Depositary Receipts (ADRs) on OTCQX.
➡️ Source: Press Release | 📸 ©ONWARD Medical