ONWARD Medical secures €40.6 million to further develop its spinal cord stimulation implant.

      The neurotechnology company based in Eindhoven is utilizing the funds to support its Empower BP pivotal trial, which evaluates if its implantable ARC-IM® system can address blood pressure instability following spinal cord injuries, while also advancing the commercial rollout of its previously approved ARC-EX® external therapy system. The cash runway now extends to the first quarter of 2028.

      ONWARD Medical announced on April 16, 2026, that it has secured €40.6 million in gross proceeds via an accelerated bookbuild private placement with institutional investors.

      The deal was primarily backed by a €25 million investment from EQT Life Sciences, with additional contributions from long-term and sector-focused investors. A total of 13,520,254 new ordinary shares were issued at €3.00 each.

      The company's shares are listed on Euronext Brussels, Amsterdam, and Paris under the ticker ONWD, with US ADRs trading on OTCQX as ONWRY.

      ONWARD is distributing the proceeds in four ways: 40% is designated for the development of the ARC-IM® implantable system, which includes clinical studies and regulatory efforts; 30% is allocated to enhancing sales and commercial operations of the ARC-EX® system in the US, Europe, and selected other markets; 20% goes towards quality and administrative functions; and 10% is for working capital, general corporate uses, and managing existing debt.

      When combined with existing funds, this raise extends the company’s financial runway to Q1 2028, provided there is no withdrawal from its debt facility.

      The two products central to this funding initiative represent different phases of the company’s clinical program. The ARC-EX® System, a non-invasive external spinal cord stimulation therapy, is already commercially available in the United States and Europe.

      It delivers electrical stimulation to the spinal cord through surface electrodes, activating neural circuits below the injury to enhance voluntary motor function. The ARC-IM® System utilizes the same therapeutic principle at a deeper level: it is an implantable device that provides direct stimulation, which ONWARD anticipates will offer more targeted and effective treatment for various conditions, including blood pressure instability, bladder function issues, and potentially thought-driven movement restoration when integrated with a brain-computer interface and AI.

      The Empower BP pivotal trial, now the primary focus of the development funding, is examining the ARC-IM®'s capability to manage orthostatic hypotension and autonomic dysreflexia, serious blood pressure disorders that represent some of the most debilitating secondary complications associated with spinal cord injury.

      This trial received FDA Investigational Device Exemption approval in August 2025. It is a randomized, double-blinded, and sham-controlled study, which is considered the gold standard for pivotal trials in medical device research, and is planned to include approximately 20 leading neurorehabilitation and neurosurgery research centers in the US, Canada, France, Germany, Spain, and the UK.

      The first participant was enrolled and implanted in Q1 2026 at Craig Hospital in Denver, Colorado, and 10 sites are currently engaged in recruitment.

      ONWARD possesses 10 Breakthrough Device Designations from the US FDA, a status awarded to devices that offer more effective treatments for serious conditions where no sufficient alternatives are available. This designation speeds up the FDA review process and facilitates more frequent communication with the agency throughout development.

      CEO Dave Marver characterized the fundraising effort as a confirmation of both the commercial growth of ARC-EX® and the clinical promise of ARC-IM®: “The strong backing from EQT and other reputable investors highlights the rapid uptake of the ARC-EX® System and affirms our successful shift to a commercial-stage entity.”

      Stifel Europe Securities SAS served as the Sole Global Coordinator, while Bank Degroof Petercam SA/NV acted as a joint bookrunner alongside Stifel.

      The new shares are anticipated to be listed on April 20, 2026. The company, EQT, and certain board members have agreed to a 90-day lockup period for the shares.