ONWARD Medical Raises €20 Million

ONWARD Medical creates innovative spinal cord stimulation therapies to restore movement, function, and independence in people with spinal cord injury (SCI) and movement disorders. The company raised €20 million in gross proceeds by way of an accelerated bookbuild offering through a private placement with institutional investors, certain founders, and certain management and members of the Board of Directors and a separate public offering via the PrimaryBid platform with retail investors in France.

ONWARD Medical currently envisions using the net proceeds of the Offerings to: 

• Fund research & development activities, including continued product development and regulatory approval of the investigational ARC-EX System to restore hand and arm function and the investigational ARC-IM System for improved blood pressure regulation after spinal cord injury (45%); 
• Establish a commercial organization in preparation for expected US launch of the ARC-EX System second half of this year, including hiring a field sales organization, producing training and education materials, attending congresses and events, developing customer support capabilities, and conducting market access and reimbursement activities (15%); 
• Build quality, operations, and other infrastructure capabilities (35%); and 
• Fund working capital requirements (5%). 

The New Shares have been listed and admitted to trading on Euronext Brussels and Euronext Amsterdam on March 25, 2024. The New Shares will rank pari passu in all respects with the existing ordinary shares in the Company. 

Existing shareholders participated in the deal with an aggregate of 333,333 shares and 333,333 shares respectively allocated to INKEF Capital and EQT Life Sciences. Following the Offerings, INKEF Capital and EQT Life Sciences will respectively hold 11.5% and 11.2% of the Company’s share capital. An aggregate of 246,555 shares were also allocated to the following management, founders, and members of the Board of Directors of the Company: Dave Marver, CEO; Robert Odell, VP Operations; Lorenzo Fanti, VP Legal; Co-Founders Jocelyne Bloch and Grégoire Courtine, CSO; and Directors Ian Curtis, Kristina Dziekan, and Fred Colen.  

In relation to the Private Placement, the Company has agreed with the Joint Bookrunners to a 90-day standstill period on future share issuances waivable by the Joint Bookrunners and subject to customary exceptions. Certain members of the Board of Directors and John Murphy have agreed with the Joint Bookrunners to a market customary 180-day lock-up period waivable by the Joint Bookrunners and subject to customary exceptions.