Bryan, Garnier & Co acts as Sole Global Coordinator & Joint Bookrunner on ONWARD Medical’s EUR 20 million Follow-On Offering

ONWARD Medical is a medical technology company creating therapies to restore movement, function, and independence in people with spinal cord injury (SCI) and movement disabilities.

Its ARC-EX and implantable ARC-IM devices aim to restore blood pressure control, upper limb function, and mobility. Studies showed that for the first time ever people with complete SCIs, i.e. paraplegic patients, were able to walk again.

ONWARD has received ten FDA Breakthrough Device Designations and has been issued 200+ patents for its innovative SCI therapies. The Company expects to start commercialization with the launch of its first product in H2 2024.

ONWARD is also uniquely positioned in the brain-computer interfaces (BCI) technology, which aim to facilitates communication between brain and computer.

The net proceeds of the offering are expected to:

 Fund research & development activities, including continued product development and regulatory approval of the investigational ARC-EX and ARC-IM Systems (45%).
 Establish a commercial organization in preparation for expected US launch of the ARC-EX System support capabilities, and conducting market access and reimbursement activities (15%).
 Build quality, operations, and other infrastructure capabilities (35%).
 Fund working capital requirements (5%).

Bryan, Garnier & Co acts as Sole Global Coordinator and Joint Bookrunner on an upsized EUR 20 million Follow-on Offering for ONWARD Medical.

The transaction was launched after a wall-cross exercise that showed strong support from existing shareholders, including EQT and Inkef, and interest from Long-Only investors from various geographies.

Reflecting strong interest from investors, the Company exercised its option to increase the deal size from €15 million to €20 million with a high quality book of demand.

As part of the transaction, Management and Board Members jointly invested over €1 million demonstrating their strong confidence in the Company’s ability to deliver on upcoming transformative milestones.

With these funds, the Company will prepare for commercialization of breakthrough therapies for people with spinal cord injury as soon as H2 2024.

This transaction demonstrates Bryan, Garnier & Co’s unique ability to raise capital for European medical technology companies at any stage of development.

Recent landmark Healthcare transactions include Camurus, Calliditas, Abivax, Boiron, Egetis Therapeutics, Median Technologies, Medincell, Valneva, and numerous others.

ONWARD Medical is a medical technology company creating therapies to restore movement, function, and independence in people with spinal cord injury (SCI) and movement disabilities. Building on more than a decade of science and preclinical research conducted at leading neuroscience laboratories, the Company has received ten Breakthrough Device Designations from the US Food and Drug Administration for its ARC Therapy™ platform.

ONWARD® ARC Therapy, which can be delivered by external ARC-EX® or implantable ARC-IM® platforms, is designed to deliver targeted, programmed spinal cord stimulation. Positive results were presented in 2023 from the Company’s pivotal study, called Up-LIFT, evaluating the ability for transcutaneous ARC Therapy to improve upper extremity strength and function.

The Company is now preparing regulatory approval submissions for ARC-EX for the US and Europe. In parallel, the Company is conducting studies with its implantable ARC-IM platform, which demonstrated positive interim clinical outcomes for improved blood pressure regulation, a component of hemodynamic instability, following SCI.

Other ongoing studies include combination use of ARC-IM with a brain-computer interface (BCI) to address multiple symptoms of SCI.