Clifford Chance advises underwriters on ONWARD Medical’s €50 million capital increase

Global law firm Clifford Chance has advised the underwriters on ONWARD Medical NV’s approximately €50 million capital increase, by way of a one-day fully marketed bookbuild offering through a private placement with institutional investors, making it the largest European MedTech primary capital raise this year.

UBS and Stifel acted as Joint Global Coordinators and, together with Bank Degroof Petercam SA/NV, as Joint Bookrunners.

ONWARD Medical is a leading neurotechnology company developing therapies to restore movement, function and independence in people with spinal cord injuries (SCI) and other movement disabilities.

The net proceeds of the private placement, together with the existing cash balance, will be used to fund development initiatives, expand sales and operations, support and scale quality and administrative activities, fund working capital and other general corporate purposes, and cover financing costs. Read more about the capital increase here.

Settlement of the shares and their admission to listing and trading on Euronext Brussels, Euronext Amsterdam and Euronext Paris took place on 28 October 2025.

The Clifford Chance team was led by Olivier Plessis and Han Teerink, with support from Maks Mencin in Frankfurt, Marina Sarkisjan and Robert Bulte in Amsterdam and Johannes Juette in London.