ONWARD Medical Completes Significant Bookbuild Offering
EINDHOVEN, the Netherlands — ONWARD Medical N.V. (Euronext: ONWD) is pleased to announce the successful closing of its recently undertaken private placement with institutional investors, generating substantial gross proceeds amounting to EUR 50 million. This move is crucial for the medical technology company as it continues to innovate therapies aimed at improving the quality of life for individuals with spinal cord injuries.
Importance of the Private Placement
The conclusion of this private placement marks a significant milestone for ONWARD Medical. The funds raised will be pivotal for further advancing the company’s cutting-edge spinal cord stimulation therapies. These innovative therapies are designed to help restore movement, function, and independence for those suffering from spinal cord injuries. It stands as a testament to ONWARD's commitment to enhancing therapeutic options in the medical field and improving patient outcomes.
Listing of New Shares on Euronext
Following this successful placement, new shares issued will be available for listing and trading on various Euronext platforms including Brussels, Amsterdam, and Paris. This broadened market access is expected to enhance the visibility and liquidity of ONWARD's shares, creating greater opportunities for investor engagement and growth in the stock market.
Innovative Therapies Leading the Charge
Reflecting ONWARD Medical's dedication to innovation, the company's pioneering products, such as ARC Therapy™, ARC-IM®, and ARC-EX®, aim to revolutionize the treatment landscape for spinal cord injury (SCI) and movement disabilities. ARC Therapy has garnered recognition through multiple Breakthrough Device Designations from the US FDA, underscoring its potential to transform patient care through advanced technological integration.
Groundbreaking Clinical Trials and Research
As part of its relentless pursuit of excellence, ONWARD Medical is actively conducting various clinical studies focusing on the effectiveness of its therapies. One notable study, the Up-LIFT trial, has demonstrated significant improvements in upper limb function post-SCI, showcasing promising results that were published by a prestigious medical journal. Furthermore, the company has filed a regulatory application with the FDA for its ARC-EX System, with plans for submission in Europe as well.
Expanding Horizons: A Global Perspective
With a headquarters in Eindhoven and a Science and Engineering Center situated in Lausanne, ONWARD Medical is on an upward trajectory. The company also maintains a presence in Boston, Massachusetts, tapping into the vibrant US market. This global approach not only enhances its operational capabilities but also positions ONWARD as a key player in the international medical technology landscape.
Looking Ahead with Confidence
As ONWARD Medical charts the path forward, investors and the broader medical community are keenly awaiting the advancements the company promises to deliver. With ongoing studies and regulatory efforts underway, there’s a tangible sense of anticipation regarding future developments. The commitment to improving therapies for spinal cord injuries reflects ONWARD's vision and dedication to fostering a future where movement and independence are achievable goals for all individuals.
Frequently Asked Questions
What is the purpose of the ONWARD Medical private placement?
The private placement aims to raise funds to advance innovative spinal cord stimulation therapies that improve quality of life for individuals with spinal cord injuries.
How much money was raised in the offering?
The offering successfully raised EUR 50 million in gross proceeds.
Where will the new shares be traded?
The new shares will be listed and traded on Euronext Brussels, Euronext Amsterdam, and Euronext Paris.
What are some key therapies developed by ONWARD Medical?
ONWARD Medical has developed several innovative therapies, including ARC Therapy™, ARC-IM®, and ARC-EX®, designed to restore movement in patients with spinal cord injuries.
What clinical studies are currently underway for ONWARD Medical?
ONWARD is conducting multiple clinical trials focusing on improving motor function and addressing mobility challenges post-SCI, along with trials for treating gait issues in Parkinson's disease.
