THIS PRESS RELEASE CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE (7)(1) OF THE EUROPEAN MARKET ABUSE REGULATION (596/2014)
Successful transaction supported by strong demand from existing and new high-quality, long-only and sector specialist investors
Institutional investors include Ottobock, a global player in the fields of prosthetics, orthotics and exoskeleton technology, healthcare specialist investor Invus, and ASR Global Impact Equity Fund managed by a.s.r. Asset Management N.V.
Cash runway extended to at least end of 2026
EINDHOVEN, The Netherlands, Oct. 24, 2025 (GLOBE NEWSWIRE) -- ONWARD Medical N.V. (OTC:ONWRY), the leading neurotechnology company pioneering therapies to restore movement, function, and independence in people with spinal cord injuries (SCI) and other movement disabilities, today announces that it successfully raised an amount of EUR 50,850,000 million in gross proceeds by way of an accelerated bookbuild offering through a private placement with institutional investors of 11.3 million 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 4.50 per share (the "Issue Price"). The Issue Price was determined by the Company's pricing committee.
The successful transaction involved existing and new investors including the listed company Ottobock SE & Co. KGaA ("Ottobock"), a global player in the fields of prosthetics, orthotics, and exoskeleton technology, as cornerstone investor, and healthcare specialist investor Invus alongside ASR Global Impact Equity Fund managed by a.s.r. Asset Management N.V., as anchor investors.
"We are delighted to complete this successful transaction, supported by Ottobock and driven by strong demand from high-quality, long-term investors," said Dave Marver, CEO of ONWARD Medical. "We have successfully transitioned to a commercial-stage company, validated by robust demand for our ARC-EX® System. We plan to use this capital to expand ARC-EX commercial activities while advancing our pipeline with the planned initiation of our pivotal study for the implantable ARC-IM® System. This transaction provides fuel for our mission to deliver innovative therapies that restore movement, function, and independence after a spinal cord injury.""We believe in ONWARD Medical's technology. These developments fit perfectly into our future strategy in the field of neuro-orthotics. We therefore decided to strengthen our role as the largest shareholder and strategic partner with new investments", said Oliver Jakobi, CEO of Ottobock.
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 and operations to support commercialization of the ARC-EX System® in the United States, Europe and select other geographies (30%);
Support and scale quality and administrative activities (20%);
Fund working capital and other general corporate purposes (5%); and
Cover financing costs including the existing debt obligation (5%).
The net proceeds from the Private Placement are expected to provide the Company with cash runway through at least end of 2026, assuming no draw down of the Company's debt facility.
During the bookbuilding period of one business day for the Private Placement, trading of the Company's shares on the regulated markets of Euronext Brussels, Euronext Amsterdam and Euronext Paris was temporarily suspended and shall resume today (October 24, 2025) as of the start of the trading day.
The New Shares are expected to be listed and admitted to trading on Euronext Brussels, Euronext Amsterdam and Euronext Paris on October 28, 2025, and payment and delivery of the New Shares are expected to take place on October 28, 2025. The New Shares will rank pari passu in all respects with the existing ordinary shares in the Company.
UBS AG London Branch, Stifel Europe Securities SAS and Stifel Europe Limited Paris Branch acted as Joint Global Coordinators and, together with Bank Degroof Petercam SA/NV as Senior Joint Bookrunner and BNP Portzamparc as Joint Bookrunner of the Private Placement.
The Company, Ottobock, as well as certain members of the Board of Directors have agreed to a 90-day lock-up, subject to certain exceptions.
About ONWARD Medical
ONWARD Medical is the leading neurotechnology company pioneering therapies designed to restore movement, function, and independence in people with spinal cord injuries and other movement disabilities. Building on decades of scientific discovery, preclinical research, and clinical studies conducted at leading hospitals, rehabilitation clinics, and neuroscience laboratories, the Company developed ARC Therapy. It has subsequently been awarded 10 Breakthrough Device designations from the FDA. The Company's ARC-EX® System is cleared for commercial sale in the US. The Company ...
