ONWARD Awarded European Innovation Council Grant to Develop Brain-Spine Interface Technology

ONWARD Medical N.V. (Euronext: ONWD), the medical technology company creating innovative therapies to restore movement, independence, and health in people with spinal cord injury (SCI), today announces it has been awarded a grant from the European Innovation Council (EIC) to support the development of an innovative Brain-Spine Interface technology for restoring mobility and upper limb function.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220616005578/en/

The EUR 3.6M grant was awarded to ONWARD and its research partners: EPFL, one of the world’s preeminent neuroscience research institutions; CEA-Clinatec, the Edmond J. Safra Biomedical Research Centre co-founded by Professor Alim-Louis Benabid, a leader in medical devices for the diagnosis and treatment of neurodegenerative diseases and motor disabilities; and Sint Maartenskliniek, a leading rehabilitation center for SCI in the Netherlands. The project is entitled, “Brain-Spine Interfaces to Reverse Upper- and Lower-limb Paralysis”. Under the terms of the award, ONWARD will receive EUR 1.2M.

The consortium will use the grant proceeds to fund integration between ONWARD’s ARC^IM Therapy, which delivers targeted, programmed stimulation of the spinal cord, and Clinatec’s WIMAGINE, a fully-implantable device approved for chronic use in clinical trials in two European countries, which records and decodes the brain's cortical signal to predict a person's desired movement intentions. The consortium will also conduct two clinical feasibility studies using their BSI system, assessing its use for upper- and lower-limb control and rehabilitation, and including two participants per study. Lastly, clinicians from Sint-Maartenskliniek will provide feedback on the usability of the system. The final deliverable is a set of system specifications for a commercially-viable BSI system for people with spinal cord injuries.

“This grant from the EIC validates ONWARD’s position as a leader in the fast emerging realm of Brain-Spine Interface technologies”, said Dave Marver, CEO of ONWARD. “In combination with the IP rights option obtained from EPFL in March, we now have foundational elements in place to develop and pioneer the use of BSI technology to help people with spinal cord injuries.”

To learn more about ONWARD’s ARC Therapy and the company’s vision to restore movement, independence, and health in people with spinal cord injuries, please visit ONWD.com.

About ONWARD

ONWARD is a medical technology company creating innovative therapies to restore movement, independence, and health in people with spinal cord injuries. ONWARD’s work builds on more than a decade of basic science and preclinical research conducted at the world’s leading neuroscience laboratories. ONWARD’s ARC Therapy, which can be delivered by implantable (ARC^IM) or external (ARC^EX) systems, is designed to deliver targeted, programmed spinal cord stimulation to restore movement and other functions in people with spinal cord injury, ultimately improving their quality of life. ONWARD has received three Breakthrough Device Designations from the FDA encompassing both ARC^IM and ARC^EX. The Company’s first FDA pivotal trial, called Up-LIFT, completed enrollment in December 2021 with 65 subjects worldwide. It recently completed first-in-human use of its ARC^IM neurostimulator in May 2022.

ONWARD is headquartered at the High Tech Campus in Eindhoven, the Netherlands. It maintains a significant team in Lausanne, Switzerland and has a growing U.S. presence in Boston, Massachusetts, USA. For additional information about the Company, please visit ONWD.com. To access our 2022 Financial Calendar, please visit IR.ONWD.com.

Disclaimer

Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company or, as appropriate, the Company directors’ current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220616005578/en/

Contact information

For Media Enquiries:
Andy Dolan
media@onwd.com
+1.508.649.8466

For Investor Enquiries:
investors@onwd.com

For Company Enquiries:
info@onwd.com