ONWARD Medical raises €50.85M to advance spinal cord tech
The company will use this money commercialize its system to restore mobility for individuals with spinal cord injuries.
Published on October 24, 2025
© ONWARD Medical
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ONWARD Medical, a Dutch neurotechnology company, has successfully raised €50.85 million through a private placement of 11.3 million new ordinary shares at €4.50 per share. The net proceeds will be used to fund the development and commercialization of ONWARD's ARC-IM and ARC-EX systems, which aim to restore mobility and autonomic functions for individuals with spinal cord injuries.
Based in Eindhoven, ONWARD Medical specializes in neurotechnology focused on restoring movement and other functions in individuals with spinal cord injuries (SCI). The company's ARC Therapy is the foundation for its innovative systems, developed over a decade of scientific research across hospitals and labs. Their primary focus involves creating advanced technological solutions to address the challenges faced by those with SCI. As Dave Marver, CEO of ONWARD, stated, the ARC-IM System is designed to meet critical unmet needs, marking a significant step in spinal cord injury recovery.
Details of ONWARD's Medical capital increase
According to ONWARD Medical, the offering attracted substantial backing from both existing and new investors, including Ottobock as a cornerstone investor, alongside Invus and ASR Global Impact Equity Fund.
ONWARD Medical has earmarked the net proceeds from this capital increase for strategic initiatives. Specifically, 40% is allocated to developing the ARC-IM system, 30% to commercializing the ARC-EX system, and 20% to support quality and administrative activities. The remaining 10% is divided equally between working capital and covering financing costs—5% each.
The ARC-EX System aims to enhance hand sensation and strength in individuals with spinal cord injuries by combining electrical spinal cord stimulation with functional task practice. Meanwhile, the ARC-IM system is still under investigation, with ongoing trials, including the Empower BP pivotal study, designed to stabilize blood pressure in SCI patients.
The newly issued shares are scheduled to be listed and traded on Euronext Brussels, Euronext Amsterdam, and Euronext Paris starting October 28, 2025. With the successful completion of this capital increase, ONWARD Medical anticipates that its cash reserves will be sufficient to sustain operations through at least the end of 2026, assuming no drawdown of its debt facility.