ONWARD Medical N.V. reports positive financial results, milestones achieved in developing therapies for people with SCI.
From GlobeNewswire: 2024-09-10 01:30:00
ONWARD Medical N.V. announces Half Year 2024 Financial Results, including obtaining up to EUR 52.5M in growth financing, key milestones achieved with ARC-BCI System, and De Novo application submitted for ARC-EX System to FDA. The Company continues to lead in developing therapies to restore movement and function in people with SCI.
In the first half of 2024, ONWARD Medical N.V. expanded its clinical feasibility study for ARC-IM System, gained Breakthrough Device Designation for ARC-BCI System, and submitted a De Novo application for ARC-EX System to FDA. The Company also obtained a total of 30 new patents, strengthening its first-mover advantage.
Financially, ONWARD Medical N.V. reported an operating loss of EUR 18.7 million for the first six months of 2024, with a positive cash balance of EUR 32.1 million. The Company has extended its cash runway and strengthened its financial position through equity and debt financing agreements.
Looking ahead, ONWARD Medical N.V. plans to continue executing its strategy, with upcoming milestones including FDA clearance for ARC-EX System launch, initiation of pivotal trials for ARC-IM Therapy, and further advancement of clinical activities for ARC-BCI System. The Company is at the forefront of developing innovative therapies to restore movement and independence for individuals with SCI.
Read more at GlobeNewswire:: ONWARD® Medical Reports Half Year 2024 Results and Provides