The capital increase was through a private placement with institutional investors of ten million new ordinary shares priced at €5 each. Image credit: Shutterstock / Martin Capek.

Onward Medical has raised $54m (€50m) via a bookbuild offering, with proceeds going towards ongoing clinical studies and an expected commercial launch of one of the company’s devices in the US.

The capital increase, through a private placement with institutional investors of ten million new ordinary shares priced at €5 each, extends the company’s cash runway for future years.

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The new shares are expected to be listed on Euronext Brussels, which Onward is listed on, on 28 October. Following the deal, Germany-based prosthetics company Ottobock SE & Co. KGaA will hold an approximate 10% stake in Onward’s share capital.

Shares in Netherlands-headquartered Onward opened 13.2%, signifying a drop at market open on 24 October compared to the previous day’s market close.

Onward will use the funds to continue research and development activities, which include clinical studies and regulatory tasks, on its neuromodulation systems called ARC-EX and ARC-IM. Both systems are currently being evaluated in spinal cord injury patients, with the goal of restoring limb movement and blood pressure regulation respectively.

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ARC-EX is a non-implantable counterpart of the ARC-IM, though both devices work via stimulation of the spinal cord. ARC-EX met its primary and secondary endpoints in a trial called Up-LIFT (NCT04697472) in May 2024. A feasibility study for ARC-IM meanwhile kicked off in January.

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A third system, ARC-BCI, will also benefit from the funds. This system functions by receiving commands from an implanted brain-computer interface (BCI) in the patient and is currently being evaluated in an early feasibility study.

Onward submitted a de novo application for ARC-EX to the US Food and Drug Administration (FDA) in April, with the company expecting commercial launch later this year if approved. The company will upscale its sales capabilities and customer-facing activities. 

A market model by GlobalData forecasts the global neuromodulation device market will be worth $11.4bn by 2033, up from $6bn in 2022. Neuralink, a company that has attracted much of the public interest in neuromodulation systems for paralysed patients, last raised funds in November 2023, bringing in $43m at the time.

Onward CEO Dave Marver said: “We are delighted to complete this successful transaction, which will support the company’s expected commercialisation of the ARC-EX System and other important development, clinical, and commercial activities for two years or more.”

“We look forward to exploring opportunities to collaborate closely with Ottobock to enhance and accelerate our ability to develop and commercialise our breakthrough therapies worldwide.”