Report
Onward Medical FIRST LOOK: US ADR program established
Onward has launched an ADR program in the US, allowing American investors to trade Onward shares more easily in USD. Each ADR represents one ordinary Onward share and trades on the OTCQX market under the symbol ONWRY. This move aims to attract US institutional investors, enhance share liquidity, and broaden Onward's shareholder base. While it does not affect the company's cash position or shares outstanding, it could boost visibility, paving another step in the way for a potential future US IPO. We continue to look forward to an FDA label expansion for ARC-EX home use in 2025, while we also expect the pivotal Empower BP trial for ARC-IM in blood pressure control to kick off, and reiterate our € 10.4 TP and Buy rating.
Underlying
ONWARD MEDICAL NV
Provider
KBC Securities
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Thomas Vranken
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