ONWARD Medical goes public and raises CHF 93 millionTuesday 26 October 2021
EPFL spin-off ONWARD Medical went public on Euronext Brussels with a secondary listing on Euronext Amsterdam, bringing the value of the company to CHF 420 million.
Founded in 2014, ONWARD Medical develops therapies to restore movement, independence, and health in people with spinal cord injury. In January 2021, the company has enrolled the first patient in a pivotal trial, known as Up-LIFT, evaluating the company’s ARC Therapy. Up-LIFT is the first large-scale pivotal trial of non-invasive spinal cord stimulation technology.
After closing a USD 32 million financing round earlier this year, ONWARD Medical went public on Euronext Brussels with a secondary listing on Euronext Amsterdam. The company has managed to raise an additional CHF 93 million through its IPO.
“We will deploy proceeds from this fundraising to continue advancements in product development, conduct clinical trials with the aim to earn regulatory approvals, and enhance our commercial capabilities in the U.S. and Europe, all with the intent to scale our therapies to improve the lives of people with spinal cord injury and their loved ones”, said Dave Marver, CEO of ONWARD.
Award-winning technology platforms
Designed in the Health Valley, ONWARD’s ARC therapy can be delivered by an implantable system called ARC-IM and an external system called ARC-EX. Both platforms are designed to deliver targeted, programmed stimulation of the spinal cord to restore movement, independence, and health in people with spinal cord injury. ARC-IM and ARC-EX have each been awarded Breakthrough Device Designation by the FDA.
With headquarters in the Netherlands and the EPFL Innovation Park in Lausanne (canton of Vaud), ONWARD Medical (formerly known as GTX Medical) also has a growing US presence in Boston.