ONWARD plans to utilise the proceeds to commercialise two technology platforms for programmed stimulation of the spinal cord
Medical technology company ONWARD has raised $32m funding for the development and commercialisation of its ARC Therapy.
The financing round was led by Dutch impact investor Invest-NL and Olympic Investments, the private investment arm of the Onassis Foundation.
Apart from attracting new investors, the funding round saw the participation of all of ONWARD’s existing investor, including medical technology investors LSP, INKEF Capital, Gimv, and Wellington Partners.
ONWARD plans to utilise the proceeds to commercialise two technology platforms, an implantable system called ARC-IM and an external system called ARC-EX.
LSP partner John de Koning said: “ONWARD’s ARC Therapies have the potential to significantly improve outcomes for those living with spinal cord injury.
“The company’s ability to attract several prominent new investors and the broad participation of its existing shareholders demonstrates our expectations that the company has the technology, the team, and the promise to grow into a large and enduring business.”
ARC-IM and ARC-EX platforms are designed to deliver targeted, programmed stimulation of the spinal cord to restore movement and health in people with spinal cord injury.
The two platforms have already received breakthrough device designations from the US Food and Drug Administration (FDA).
Currently, ONWARD is conducting clinical trials for its ARC-EX platform in the US, Canada, UK, and Western Europe in a pivotal study called Up-LIFT.
Commenced in January 2021, the pivotal trial plans to enroll 65 subjects at up to 15 centres worldwide.
ONWARD chief executive officer Dave Marver said: “We are deeply committed to developing and commercializing research breakthroughs, bringing them out of the laboratory and into the clinic.
“This funding will enable ONWARD to sustain our quest to help people with spinal cord injury enjoy life in every way that matters to them.”