ONWARD Medical N.V., the leading neurotechnology company pioneering therapies to restore movement, function, and independence in people with spinal cord injuries (SCI) and other movement disabilities, announces that it successfully raised an amount of EUR 40.6M in gross proceeds by way of an accelerated bookbuild offering through a private placement with institutional investors of 13,520,254 new ordinary shares (the “Private Placement” and such shares the “New Shares”) via the Joint Bookrunners (as defined below). The New Shares were offered at an issue price of EUR 3.00 per share (the “Issue Price”). The Issue Price was determined by the Company’s pricing committee.
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The successful transaction includes an EUR 25.0M investment by EQT Life Sciences and was priced via a bookbuilding exercise.
“We are pleased to complete this successful transaction which fuels the pursuit of our mission to develop and commercialize breakthrough technologies that restore movement, function, and independence in people with spinal cord injuries and other movement disabilities,” said Dave Marver, CEO of ONWARD Medical. “The strong support from EQT and other high-quality investors underscores the rapid adoption of the ARC-EX® System and validates our successful transition to a commercial-stage organization. It also affirms the potential of ARC-IM®, our groundbreaking implantable technology platform that is currently under clinical evaluation in the Empower BP pivotal trial.”
ONWARD currently envisions using the net proceeds of the Private Placement, together with the existing cash balance, to:
- Fund development initiatives, including but not limited to product development, clinical studies and regulatory activities for the investigational ARC-IM® System to address blood pressure instability in people with spinal cord injury (40%);
- Expand sales efforts and related operations to support commercialization of the ARC-EX® System in the US, Europe and select other geographies (30%);
- Support and scale quality and administrative activities (20%); and
- Support working capital, general corporate purposes, and the servicing of existing debt obligations (10%).
The net proceeds from the Private Placement are expected to provide the Company with cash runway into Q1 2028, assuming no draw down of the Company’s debt facility.
The New Shares are expected to be listed and admitted to trading on Euronext Brussels, Euronext Amsterdam and Euronext Paris on April 20, 2026, and payment and delivery of the New Shares are expected to take place on April 20, 2026. The New Shares will rank pari passu in all respects with the existing ordinary shares in the Company.
Stifel Europe Securities SAS acted as Sole Global Coordinator and, together with Bank Degroof Petercam SA/NV, as Joint Bookrunners (the “Joint Bookrunners”) of the Private Placement.
The Company, EQT, as well as certain members of the Board of Directors have agreed to a 90-day lockup, subject to certain exceptions.
