The company offered more than 4.4 million new ordinary shares at an issue price of $4.89 (€4.50) per share. It completed the offering with participation from institutional investors, certain founders and management and members of the board.
Onward plans to use 45% of the net proceeds to fund R&D activities. That includes the development and regulatory process for its investigational ARC-EX system. ARC-EX nerve stimulation technology aims to restore hand and arm function. Additionally, the company plans to put funds toward its investigational ARC-IM system for improved blood pressure regulation after spinal cord injury.
The company also has the ARC-BCI system that won FDA breakthrough device designation last month. Onward didn’t li…