ONWARD Medical Secures €20 Million for Spinal Cord Therapies
March 26, 2024, 3:33 am
Location: Netherlands, North Brabant, Eindhoven
Employees: 51-200
Founded date: 2014
Total raised: $155.04M
ONWARD Medical, a pioneer in spinal cord stimulation therapies, has successfully raised €20 million through a strategic offering. The company's innovative treatments aim to restore movement and independence for individuals with spinal cord injuries and movement disorders. The funds raised will fuel research and development efforts for their cutting-edge ARC-EX and ARC-IM Systems, designed to enhance hand and arm function and regulate blood pressure post-injury. Additionally, the investment will support the company's expansion into the US market, infrastructure development, and operational needs.
The newly issued shares are now trading on Euronext Brussels and Euronext Amsterdam, standing on equal footing with existing shares. Notably, existing shareholders like INKEF Capital and EQT Life Sciences have actively participated in the offering, solidifying their positions in the company. Company executives, founders, and board members have also received shares as part of the transaction.
In a strategic move, ONWARD Medical has agreed to a 90-day standstill period on future share issuances with the Joint Bookrunners, ensuring stability and growth. Certain board members have further committed to a 180-day lock-up period, demonstrating their confidence in the company's trajectory.
ONWARD Medical's journey to success includes accolades such as participation in Venture Leaders Technology and winning the second stage of Venture Kick in 2014. The company has consistently ranked among the TOP 100 Swiss Startups from 2015 to 2017, 2019, and 2020, showcasing its commitment to innovation and excellence.
The newly issued shares are now trading on Euronext Brussels and Euronext Amsterdam, standing on equal footing with existing shares. Notably, existing shareholders like INKEF Capital and EQT Life Sciences have actively participated in the offering, solidifying their positions in the company. Company executives, founders, and board members have also received shares as part of the transaction.
In a strategic move, ONWARD Medical has agreed to a 90-day standstill period on future share issuances with the Joint Bookrunners, ensuring stability and growth. Certain board members have further committed to a 180-day lock-up period, demonstrating their confidence in the company's trajectory.
ONWARD Medical's journey to success includes accolades such as participation in Venture Leaders Technology and winning the second stage of Venture Kick in 2014. The company has consistently ranked among the TOP 100 Swiss Startups from 2015 to 2017, 2019, and 2020, showcasing its commitment to innovation and excellence.