The EPFL-spin-off is developing therapies to restore movement, independence, and health in people with spinal cord injury. The new $32 million financing round led by led by Invest-NL, the Dutch impact investor and Olympic Investments, the private investment arm of the Onassis Foundation will allow for continued development and commercialization of ONWARD’s ARC Therapy.
ONWARD’s ARC therapy can be delivered by an implantable system called ARC-IM and an external system called ARC-EX. Both platforms are designed to deliver targeted, programmed stimulation of the spinal cord to restore movement, independence, and health in people with spinal cord injury. ARC-IM and ARC-EX have each been awarded Breakthrough Device Designation by the FDA. ARC-EX is currently undergoing clinical trials in the U.S., Canada, UK, and Western Europe in a pivotal study called Up-LIFT.
To accelerate development and commercialise the two technology platforms, ONWARD has obtained new funding of $32 million in a financing round led by Invest-NL, the Dutch impact investor and Olympic Investments, the private investment arm of the Onassis Foundation. Several additional new investors including Verve Ventures and all of ONWARD’s existing investors also participated in the financing, including leading medical technology investors LSP, INKEF Capital, Gimv, and Wellington Partners.
With headquarters at the High Tech Campus in Eindhoven, the Netherlands and the EPFL Innovation Park in Lausanne, Switzerland, ONWARD Medical (formerly known as GTX Medical) has a growing U.S. presence in Boston.
(Press release / RAN)
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