What's Happening?
ONWARD Medical, a neurotechnology company based in Eindhoven, has raised €40.6 million through an accelerated bookbuild private placement with institutional investors. The funds will be used to support the Empower BP pivotal trial, which tests the ARC-IM®
implantable system's ability to treat blood pressure instability following spinal cord injury. Additionally, the company plans to expand the commercial rollout of its ARC-EX® external therapy system. The ARC-EX® system is already commercially cleared in the United States and Europe, providing non-invasive spinal cord stimulation therapy to improve voluntary motor function. The ARC-IM® system, an implantable device, aims to deliver more precise treatment for conditions such as blood pressure instability and bladder function. The Empower BP trial, approved by the FDA, is a randomized, double-blinded, sham-controlled study involving multiple research centers across the US, Canada, and Europe.
Why It's Important?
The funding and subsequent trials are significant as they represent a potential breakthrough in treating spinal cord injuries, which can lead to debilitating secondary complications like orthostatic hypotension and autonomic dysreflexia. The ARC-IM® system's development could offer more effective treatment options, improving the quality of life for individuals with spinal cord injuries. The investment also underscores the growing interest and support for neurotechnology solutions, which could lead to advancements in medical treatments and therapies. ONWARD Medical's success in securing funding and advancing its clinical programs highlights the potential for innovation in the healthcare sector, particularly in neurotechnology.
What's Next?
ONWARD Medical plans to continue its Empower BP pivotal trial, with multiple sites actively recruiting participants. The company aims to expand its commercial operations for the ARC-EX® system in the US, Europe, and select other markets. The new shares from the funding round are expected to be listed on April 20, 2026, with a 90-day lockup agreement in place. As the trial progresses, ONWARD Medical will likely seek further regulatory approvals and partnerships to enhance its product offerings and market reach.
