ONWARD Medical Announces €40M Capital Increase with Support from EQT Life Sciences
ONWARD Medical has announced a capital increase through a private placement targeting institutional investors, aiming to raise approximately €40 million in gross proceeds. Venture capital fund EQT Life Sciences will participate in the transaction with an investment of €25 million.
The net proceeds from the private placement, combined with existing cash reserves, are expected to fund the company's operations until the first quarter of 2028, provided there are no draws on its debt facility. ONWARD Medical, specializing in neurorehabilitation technologies for individuals with spinal cord injuries and other movement disorders, has developed the ARC-EX® system, which is marketed in the United States and Europe, and an investigational implantable system, ARC-IM®, designed to address multiple unmet needs, including tension instability following spinal injury.
Details of the Offering
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The bookbuilding period begins immediately following the announcement and is expected to conclude prior to the opening of the market on Euronext Brussels, Amsterdam, and Paris around April 16, 2026. Admission and listing of the new shares are scheduled for April 20, 2026, when payment and delivery are also due to occur. The new shares will be issued with the exclusion of the pre-emptive rights of existing shareholders. Stifel is coordinating the transaction globally, with Degroof Petercam acting as co-managers. The company and certain board members have agreed to a 90-day lock-up period, subject to customary exceptions.
“We continued to deliver strong commercial execution in Q3, and we achieved several meaningful scientific and regulatory milestones across our technology platforms.”
Commercial traction forte avec 40 systèmes ARC-EX vendus en Q3 et disponibilité dans plus de 60 cliniques US; CE Mark pour l'UE et clearance FDA pour usage à domicile élargissent l'opportunité commerciale; IDE approuvé pour ARC-IM permettant le lancement de l'étude pivot Empower BP; publications scientifiques majeures renforcent le dossier clinique.
Risks mentioned
retards dans les autorisations réglementaires
variations de la demande commerciale
concurrence technologique et concurrentielle
incertitudes liées aux études cliniques et résultats futurs
Opportunities identified
FDA clearance for home use expands US market opportunity
CE Mark enables commercialization in EU and facilitates entry to UK and Switzerland
IDE approval for ARC-IM enables initiation of Empower BP pivotal study
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