ONWARD Medical secures EUR 50 million in upsized capital increase to fuel growth
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ONWARD Medical has raised EUR 50 million in gross proceeds through an upsized capital increase via a private placement with institutional investors. This funding, resulting from a strategic bookbuild offering, is anticipated to extend the company's cash runway for at least two years, positioning it for continued growth and innovation in the medical technology sector.
The Venture Kick, Venture Leaders, and TOP 100 alumnus ONWARD Medical, developing innovative spinal cord stimulation therapies aimed at restoring movement and independence for individuals with spinal cord injuries, has raised EUR 50 million through a private placement with institutional investors. Shares were issued at EUR 5.00 each, with the increase in capital reflecting strong demand from quality long-only and sector specialist investors. The net proceeds are expected to secure at least two years of cash runway for the company.As a cornerstone investor, Ottobock SE & Co. KGaA has agreed to invest EUR 22.5 million in new shares. This agreement facilitates potential future collaborations between ONWARD and Ottobock, a leader in prosthetics and mobility solutions, to explore development and commercial opportunities, highlighting the potential for synergies in innovative solutions for individuals with spinal cord injuries and other movement disabilities.
"Venture Leaders embodies the American entrepreneurial spirit, an important factor for gaining confidence in global business development," highlighted Co-Founder Vincent Delattre, after his Venture Leaders Roadshow in the US in 2014.
ONWARD Medical team
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ONWARD is a medical technology company creating innovative therapies to restore movement, independence, and health in people with spinal cord injury. ONWARD's work builds on more than a decade of basi... Read more
