Report
Onward Medical € 52.5m debt financing through Runway Growth Capital
Onward obtained access to up to € 52.5m in secured venture debt through Runway Growth Capital, a leading US-based specialty finance lender with a solid track record in supporting life sciences companies. The loan will bear an interest rate of approx. 12.5%, and will be split across 5 tranches, up to Onward's discretion and subject to certain covenants. The first tranche will likely serve to repay Onward's existing RVO loan, hence no immediate impact on cash runway (mid-2025) expected. We reiterate our € 9.3 TP and Buy rating.
Underlying
ONWARD MEDICAL NV
Provider
KBC Securities
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Thomas Vranken
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