ONWARD Medical secures EUR 20 million to expand its spinal cord injury therapies
Life sciences
26 March 2024
This funding is poised to extend the company’s financial runway into mid-2025, as it gears up for the approval and launch of pioneering products designed to enhance the lives of individuals with spinal cord injuries (SCI). | © ONWARD Medical.
ONWARD Medical, a trailblazer in spinal cord stimulation therapies, has raised EUR 20 million through a blend of private placement and public offering, marking a significant milestone in the advancement and deployment of its innovative treatments.
ONWARD Medical, known for its pioneering spinal cord stimulation therapies, has successfully raised EUR 20 million in a combined private placement and initial public offering (IPO). This strategic infusion of capital will serve as a catalyst for the approval and launch of the company’s first products, which are designed to transform the lives of people with spinal cord injuries.
Established from the academic and research-rich environment of EPFL, ONWARD Medical has made significant strides since its inception. With a history of securing substantial funding, including a notable EUR 32 million in 2021, and its successful public listing raising CHF 93 million, ONWARD has been at the forefront of developing therapies like ARC-EX and ARC-IM. These therapies, designed to restore movement and function, have already shown promising results in clinical trials and received Breakthrough Device Designation by the FDA.
The fresh capital of EUR 20 million will be strategically allocated across several key areas: approximately 45% towards the research and development of the ARC-EX System for restoring hand and arm function and the ARC-IM System for improving blood pressure regulation post-SCI. Additionally, 15% is earmarked for establishing a commercial presence in anticipation of the ARC-EX System’s launch in the US, including the formation of a sales team and development of educational materials. Another 35% will support the enhancement of operational and quality infrastructure, with the remaining 5% funding working capital requirements.
This financing round not only underlines the confidence of institutional investors, certain founders and management, but also highlights the enthusiasm for participation of retail investors in France through the PrimaryBid platform. Following this round, notable shareholders INKEF Capital and EQT Life Sciences will hold 11.5% and 11.2% of the company’s share capital respectively, underlining the strong belief of investors in ONWARD’s mission and technological solutions.
