Onward Medical € 40m capital raise extends runway to 1Q28

Onward announced the placement of 13.5m new ordinary shares in a private placement by way of an accelerated bookbuild offering at an issue price of € 3 per share (approx. 5% discount to closing price prior to deal announcement) resulting in gross proceeds of € 40.6m. Onward's cash runway is extended into 1Q28 (previously 1Q27), assuming no drawdown of the company's debt facility with Runway Growth. The transaction was supported by a € 25m investment from EQT Life Sciences. We update our model to include the additional cash and new shares, which brings us to a new TP of € 8.1 (from € 8.9). BUY maintained.