The Eindhoven neurotechnology company will use the funds to support its Empower BP pivotal trial, testing whether its ARC-IM® implant can address blood pressure instability following spinal cord injury, while also expanding the commercial release of the already-approved ARC-EX® external therapy system. The cash runway is now extended to Q1 2028.
ONWARD Medical has secured €40.6 million through a private placement with institutional investors, as announced by the Eindhoven-based company on 16 April 2026.
The deal was led by a €25 million investment from EQT Life Sciences, with further contributions from other investors. A total of 13,520,254 new ordinary shares were issued at €3.00 each.
The company’s shares are traded on Euronext Brussels, Amsterdam, and Paris under the ticker ONWD, and as US ADRs on OTCQX under ONWRY.
ONWARD plans to allocate the funds as follows: 40% for development of the ARC-IM® implantable system, 30% for expanding ARC-EX® commercial operations, 20% for quality and administrative functions, and 10% for working capital and debt servicing.
This fundraise extends the company’s cash position into Q1 2028, without drawing on its debt facility.
The ARC-EX® System, already cleared in the US and Europe, provides external spinal cord stimulation through surface electrodes to enhance motor function.
The ARC-IM® System, an implantable variant, aims for more targeted stimulation and is expected to treat various conditions like blood pressure instability, bladder function, and enable thought-driven movement restoration when combined with a brain-computer interface and AI.
The Empower BP trial is examining ARC-IM®’s efficacy in treating blood pressure issues like orthostatic hypotension and autonomic dysreflexia, severe complications from spinal cord injury.
FDA granted an Investigational Device Exemption in August 2025. The trial is randomised, double-blinded, and sham-controlled, featuring about 20 research centers across multiple countries.
The first participant was treated in Q1 2026 at Craig Hospital in Denver, and 10 sites are currently recruiting.
ONWARD holds 10 Breakthrough Device Designations from the US FDA, expediting the review process for essential medical devices.
CEO Dave Marver stated the capital raise confirms the commercial success of ARC-EX® and the clinical promise of ARC-IM®:
“The strong backing from EQT and other top-tier investors reflects the uptake of the ARC-EX® System and affirms our transition to a commercial-stage enterprise.”
Stifel Europe Securities SAS served as Sole Global Coordinator, with Bank Degroof Petercam SA/NV as joint bookrunner.
The new shares are expected to be listed on 20 April 2026, with a 90-day lockup agreed upon by the company, EQT, and certain board members.