ONWARD Medical raises EUR 20 Million for spinal cord injury products

25.03.2024 16:13, Rita Longobardi

ONWARD Medical secures EUR 20 million in funding through private placement and public offering, coinciding with the approval and launch of revolutionary products for spinal cord injuries. The net proceeds are expected to sustain the company's operations until mid-2025, solidifying its position at the forefront of spinal cord injury rehabilitation.

ONWARD Medical, a company focusing on innovative spinal cord injuries and movement disorders therapies, recently raised EUR 20 million through private and public offerings. These funds will primarily support research and development activities for their ARC-EX and ARC-IM Systems (wireless stimulator programmer) to restore hand and arm function and regulate blood pressure post-spinal cord injury. Additionally, the company plans to establish a commercial presence for the upcoming US launch of its ARC-EX System, invest in infrastructure, and cover working capital needs.

The new shares issued as part of the offering are now listed on Euronext Brussels and Euronext Amsterdam, ranking equally with existing shares. Existing shareholders, including INKEF Capital and EQT Life Sciences, participated in the offering, with INKEF Capital and EQT Life Sciences now holding 11.5% and 11.2% of the company's shares respectively. Company management, founders, and board members also received shares.

Regarding the private placement, the company has agreed to a 90-day standstill period on future share issuances with the Joint Bookrunners, and certain board members have committed to a 180-day lock-up period.

ONWARD Medical participated in Venture Leaders Technology and won the second stage of Venture Kick in 2014 and was ranked among the TOP 100 Swiss Startups from 2015 to 2017, 2019, and 2020.

Onward Medical's team