€86.5 million raised – market capitalisation of €391 million
Dual-listing aims to increase exposure to new investors
162nd listing on Euronext this year
Amsterdam and Brussels – 21 October 2021 – Euronext today congratulates ONWARD Medical NV, a medical technology company developing innovative therapies for people with spinal cord injury (SCI), on its listing on Euronext Brussels and Euronext Amsterdam (ticker code: ONWD). ONWARD joins a franchise of 46 medtech companies listed on Euronext, representing a total market cap of €18.7 billion (as 30 September 2021).
Headquartered in Eindhoven, the Netherlands, with subsidiaries in the United States and Switzerland, where it maintains an office in Lausanne, ONWARD has developed an innovative technology platform based on ONWARD ARC Therapy, targeted programmed electrical stimulation of the spinal cord to restore movement, independence, and health in people with spinal cord injury.
ONWARD was listed through the admission to trading of 29,801,597 shares composing its capital. The admission and issue price of ONWARD’s shares was set at €12.75 per share. Market capitalisation was €380 million (€391.3 million assuming the exercise in full of the Over-Allotment Option) on the day of listing. The offering raised €75.2 million altogether (€86.5 million assuming the exercise in full of the Over-Allotment Option).
“This successful IPO is an exciting moment for ONWARD and the many underserved people recovering from spinal cord injury,” said Dave Marver, CEO of ONWARD. “Our team has worked closely with the world’s leading scientists and clinicians to identify and demonstrate the promise of several important breakthrough therapies. We appreciate and welcome the support of our new investors and will work with passion and commitment to build an outstanding and enduring company.”
Caption: Dave Marver, CEO of ONWARD, rang the bell during a ceremony in Brussels this morning to celebrate the Initial Public Offering of the company.
ONWARD is a medical technology company creating innovative therapies to restore movement, independence, and health in people with spinal cord injury. ONWARD’s work builds on more than a decade of basic science and preclinical research conducted at the world’s leading neuroscience laboratories. ONWARD’s ARC Therapy, which can be delivered by implantable (ARCIM) or external (ARCEX) systems, is designed to deliver targeted, programmed stimulation of the spinal cord to restore movement and other functions in people with spinal cord injury, ultimately improving their quality of life. ONWARD has received three FDA Breakthrough Device Designation awards. The company’s first pivotal trial, called Up-LIFT, commenced in January 2021 with plans to enroll 65 subjects at up to 15 centers worldwide.
ONWARD has been listed on Euronext Brussels and Amsterdam since October 21, 2021. Ticker: ONWD.
ONWARD is headquartered at the High-Tech Campus in Eindhoven, the Netherlands. It maintains an office at the EPFL Innovation Park in Lausanne, Switzerland and has a growing U.S. presence in Boston, Massachusetts, USA. For additional information about the company, please visit ONWD.com.