KBC Securities Initiates Research Coverage of ONWARD® Medical with a Buy Rating and Target Price of EUR 10.00 Per Share
February 09 2024 - 12:30AM
UK Regulatory
EINDHOVEN, the Netherlands, Feb. 09, 2024 (GLOBE
NEWSWIRE) -- ONWARD Medical N.V. (Euronext: ONWD), the medical
technology company creating innovative therapies to restore
movement, function, and independence in people with spinal cord
injury (SCI), today announced that KBC Securities, part of the KBC
Group -- a leading Belgian integrated bank-insurance group -- has
initiated research coverage of ONWARD Medical with a Buy rating and
Target Price of EUR 10.00 per share. This is a premium of 161% to
the closing price of EUR 3.83 on February 8, 2024.
The initiation report was published
February 8, 2024. KBC joins three other banks whose research
analysts cover ONWARD Medical, all of which maintain Buy ratings
and Target Prices at substantial premiums to the current share
price.
“KBC Securities’ initiation of
coverage reflects strong confidence in our ability to achieve this
year’s milestones, which include the planned commercialization of
our ARC-EX® platform later this year,” said Dave Marver,
CEO of ONWARD Medical. “The KBC research team recognizes the
potential value we can create for investors in coming
quarters.”
To learn more about
ONWARD Medical’s commitment to partnering with the SCI Community to
develop innovative solutions for restoring movement, function, and
independence after spinal cord injury, please visit
ONWD.com.
All ONWARD devices and therapies,
including but not limited to ARC-IM®,
ARC-EX®, and ARC
Therapy™, alone or in combination with a
brain-computer interface (BCI), are
investigational and not available for commercial use.
About KBC
Securities
KBC Securities is the
corporate bank within the KBC Group. They offer corporate clients a
total solution; from strategic advice and guidance on mergers and
acquisitions or financing solutions via the equity markets (IPOs,
capital increases, share buybacks) to structured debt financing or
setting up and managing specialized investment funds. They maintain
the largest research group in Belgium, including a dedicated life
sciences team. KBC Securities is active in Belgium, France, the
United Kingdom, the Netherlands, and Germany. Through partnership
within the Oaklins network, their contacts also extend further
afield.
For Securities
Enquiries:
Wim Lewi, Head of
Research
wim.lewi@kbcsecurities.be
About ONWARD
Medical
ONWARD Medical is a medical technology
company creating therapies to restore movement, function, and
independence in people with spinal cord injury (SCI) and movement
disabilities. Building on more than a decade of science and
preclinical research conducted at leading neuroscience
laboratories, the Company has received nine Breakthrough Device
Designations from the US Food and Drug Administration for its ARC
Therapy™ platform.
ONWARD® ARC Therapy, which
can be delivered by external ARC-EX or implantable ARC-IM systems,
is designed to deliver targeted, programmed spinal cord
stimulation. Positive results were presented in 2023 from the
Company’s pivotal study, called Up-LIFT, evaluating the ability for
transcutaneous ARC Therapy to improve upper extremity strength and
function. The Company is now preparing regulatory approval
submissions for ARC-EX for the US and Europe. In parallel, the
Company is conducting studies with its implantable ARC-IM platform,
which demonstrated positive interim clinical outcomes for improved
blood pressure regulation, a component of hemodynamic instability,
following SCI. Other ongoing studies include combination use of
ARC-IM with a brain-computer interface (BCI) to address multiple
symptoms of SCI.
Headquartered in Eindhoven, the
Netherlands, ONWARD Medical has a Science and Engineering Center in
Lausanne, Switzerland and a US office in Boston, Massachusetts. The
Company also has an academic partnership with .NeuroRestore, a
collaboration between the Swiss Federal Institute of Technology
(EPFL), and Lausanne University Hospital (CHUV).
ONWARD Medical is
listed on Euronext Brussels and Amsterdam (ticker: ONWD).
For more information,
visit ONWD.com, and connect with us on LinkedIn and YouTube.
For Media Enquiries:
Aditi Roy, VP
Communications
media@onwd.com
For Investor Enquiries:
Khaled Bahi, Interim CFO
investors@onwd.com
Disclaimer
Certain statements, beliefs, and
opinions in this press release are forward-looking, which reflect
the Company’s or, as appropriate, the Company directors’ current
expectations and projections about future events. By their nature,
forward-looking statements involve several 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. All ONWARD Medical devices and therapies referenced
here, including but not limited to ARC-IM, ARC-EX, and ARC Therapy,
are investigational and not available for commercial use.
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