The Eindhoven neurotechnology company is using the proceeds to fund its Empower BP pivotal trial, which tests whether its implantable ARC-IM® system can treat blood pressure instability after spinal cord injury, while expanding commercial rollout of its already-cleared ARC-EX® external therapy system. Cash runway now extends to Q1 2028.
ONWARD Medical has raised €40.6 million in gross proceeds through an accelerated bookbuild private placement with institutional investors, the Eindhoven-based neurotechnology company announced on 16 April 2026.
The transaction was anchored by a €25 million investment from EQT Life Sciences, with additional participation from long-only and sector-specialist investors. A total of 13,520,254 new ordinary shares were issued at €3.00 per share.
The company’s shares trade on Euronext Brussels, Amsterdam, and Paris under the ticker ONWD, with US ADRs on OTCQX as ONWRY.
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ONWARD is allocating the proceeds across four uses: 40% toward development of the investigational ARC-IM® implantable system, including clinical studies and regulatory work; 30% toward expanding sales and commercial operations for the ARC-EX® system in the US, Europe, and select other markets; 20% toward quality and administrative functions; and 10% toward working capital, general corporate purposes, and servicing existing debt.
Combined with existing cash, the raise extends the company’s runway into Q1 2028, assuming no drawdown on its debt facility.
The two products at the centre of this raise represent successive stages of the company’s clinical programme. The ARC-EX® System, an external, non-invasive spinal cord stimulation therapy, is already commercially cleared in the United States and Europe.
It delivers electrical stimulation to the spinal cord through surface electrodes, activating neural circuits below the injury to improve voluntary motor function.
The ARC-IM® System takes the same therapeutic principle deeper: it is an implantable device that delivers stimulation directly, which ONWARD expects will provide more precise and effective treatment across a range of indications including blood pressure instability, bladder function, and, when paired with a brain-computer interface and AI, thought-driven movement restoration.
The Empower BP pivotal trial, now the primary use of the development funding, is investigating ARC-IM®’s ability to treat orthostatic hypotension and autonomic dysreflexia, dangerous blood pressure conditions that are among the most debilitating secondary complications of spinal cord injury.
The trial received FDA Investigational Device Exemption approval in August 2025. It is randomised, double-blinded, and sham-controlled, the gold standard for medical device pivotal trials, and is expected to involve approximately 20 leading neurorehabilitation and neurosurgical research centres across 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 now actively recruiting.
ONWARD holds 10 Breakthrough Device Designations from the US FDA, a status granted to devices that provide more effective treatment for serious conditions where no adequate alternatives exist.
This designation accelerates the FDA review process and provides more frequent interaction with the agency during development.
CEO Dave Marver described the raise as validating both the commercial trajectory of ARC-EX® and the clinical potential of ARC-IM®:
“The strong support from EQT and other high-quality investors underscores the rapid adoption of the ARC-EX® System and validates our successful transition to a commercial-stage organization.”
Stifel Europe Securities SAS acted as Sole Global Coordinator, with Bank Degroof Petercam SA/NV serving as joint bookrunner alongside Stifel.
The new shares are expected to be listed on 20 April 2026. The company, EQT, and certain board members have agreed to a 90-day lockup on the shares.
