ONWARD Medical raises CHF93 million in IPO

ONWARD Medical, founded in Lausanne in 2014, develops therapies to restore movement, independence, and health in people with spinal cord injury. In January 2021, the company has enrolled the first patient in a pivotal trial, known as Up-LIFT, evaluating the Company’s ARC Therapy. Up-LIFT is the first large-scale pivotal trial of non-invasive spinal cord stimulation technology. 

This April ONWARD closed a $32 million financing round. Through its IPO the company now has raised addition CHF93 million. “We will deploy proceeds from this raise to continue advancements in product development, conduct clinical trials with the aim to earn regulatory approvals, and enhance our commercial capabilities in the U.S. and Europe, all with the intent to scale our therapies to improve the lives of people with spinal cord injury and their loved ones”, said Dave Marver, CEO of ONWARD.

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. The company was founded in Lausanne and moved its headquarter to the Netherlands in 2016 but maintained a strong foothold in Switzerland.

(SK)
Photo: Dave Marver, CEO of ONWARD, rang the bell during a ceremony in Brussels this morning to celebrate the Initial Public Offering of the company. (Euronext)