ONWARD Medical raises EUR 50.85 million to advance spinal cord injury therapies
28.10.2025
ONWARD Medical, a neurotechnology company developing therapies to restore movement and function in people with spinal cord injuries, has raised EUR 50.85 million in gross proceeds through a private placement. The funding will strengthen the company’s financial position, support product development, and accelerate commercialization activities for its external neurostimulation device, the ARC-EX System.
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The investment was raised via an accelerated bookbuild offering of 11.3 million new ordinary shares at EUR 4.50 per share, determined by ONWARD Medical’s pricing committee. The private placement attracted both existing and new institutional investors. Ottobock SE & Co. KGaA, a global leader in prosthetics, orthotics, and exoskeleton technology, participated as a cornerstone investor, joined by healthcare-focused investor Invus and the ASR Global Impact Equity Fund managed by a.s.r. Asset Management N.V., acting as anchor investors.
The company intends to allocate the proceeds strategically across its operations. Around 40% will go toward development initiatives, including clinical studies and regulatory activities for the investigational ARC-IM System, which aims to address blood pressure instability in individuals with spinal cord injuries. Another 30% will fund the expansion of sales and operations to support the commercialization of the ARC-EX System in the United States, Europe, and select other regions. Quality, administrative, and operational scaling activities will receive 20% of the funds, while the remaining 10% will cover working capital, general corporate purposes, and financing costs, including existing debt obligations.
ONWARD Co-Founders: Jocelyne Bloch, MD, Head of the Department of Functional Neurosurgery at the CHUV and Grégoire Courtine, Phd, Professor of neuroscience and neurotechnolgy at EPFL
The funding is expected to extend ONWARD Medical’s cash runway through at least the end of 2026, assuming no use of its existing debt facility. Despite the strengthened balance sheet, the company’s stock price fell on Euronext Brussels following the announcement.
Headquartered in the Netherlands, with a Science and Engineering Center in Switzerland and an office in Boston, Massachusetts, ONWARD Medical, repeatedly ranked among the Top100 Swiss Startups, winner of Venture Kick, and participant in Venture Leaders Technology, is developing technologies that stimulate the spinal cord to restore movement and other functions in people with paralysis. Its ARC Therapy platform is based on years of research conducted at leading neuroscience and rehabilitation institutions. ONWARD has received ten Breakthrough Device designations from the US FDA and continues to develop its implantable system, ARC-IM, designed to pair with a brain-computer interface for thought-driven movement restoration.
The company intends to allocate the proceeds strategically across its operations. Around 40% will go toward development initiatives, including clinical studies and regulatory activities for the investigational ARC-IM System, which aims to address blood pressure instability in individuals with spinal cord injuries. Another 30% will fund the expansion of sales and operations to support the commercialization of the ARC-EX System in the United States, Europe, and select other regions. Quality, administrative, and operational scaling activities will receive 20% of the funds, while the remaining 10% will cover working capital, general corporate purposes, and financing costs, including existing debt obligations.
ONWARD Co-Founders: Jocelyne Bloch, MD, Head of the Department of Functional Neurosurgery at the CHUV and Grégoire Courtine, Phd, Professor of neuroscience and neurotechnolgy at EPFL
The funding is expected to extend ONWARD Medical’s cash runway through at least the end of 2026, assuming no use of its existing debt facility. Despite the strengthened balance sheet, the company’s stock price fell on Euronext Brussels following the announcement.
Headquartered in the Netherlands, with a Science and Engineering Center in Switzerland and an office in Boston, Massachusetts, ONWARD Medical, repeatedly ranked among the Top100 Swiss Startups, winner of Venture Kick, and participant in Venture Leaders Technology, is developing technologies that stimulate the spinal cord to restore movement and other functions in people with paralysis. Its ARC Therapy platform is based on years of research conducted at leading neuroscience and rehabilitation institutions. ONWARD has received ten Breakthrough Device designations from the US FDA and continues to develop its implantable system, ARC-IM, designed to pair with a brain-computer interface for thought-driven movement restoration.