Onward Medical Raises € 50.85m gross proceeds in private placement

Onward announced the placement of 11.3m new ordinary shares in a private placement by way of an accelerated bookbuild offering at an issue price of € 4.5 per share (approx. 12.5% discount to closing price prior to deal announcement) resulting in gross proceeds of € 50.85m. Onwards cash runway is extended through at least end of 2026 (previously 1H26), assuming no drawdown of the company's debt facility with Runway Growth. The transaction was supported by existing and new, long-only and sector specialist investors including Ottobock, Invus, and ASR Global Impact Equity Fund. We update our model to include the additional cash and new shares, which brings us to a new TP of € 9.3 (from € 10.4). BUY maintained.