EINDHOVEN, the Netherlands, LAUSANNE, Switzerland, and BOSTON, MA USA, March 30, 2023 (GLOBE NEWSWIRE) -- 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, today publishes its first Annual ESG Summary. The summary is available here and on the Company’s website in the Investors section (www.ir.onwd.com/esg-information).
“ONWARD is committed to creating long-term value for all of our stakeholders,” said Dave Marver, CEO of ONWARD. “We innovate for the millions of underserved people who could benefit from our therapies, driven by the imperative to improve health, well-being, and inclusion for people living with paralysis and their caregivers.”
The Company’s ESG strategy rests on five core principles that support nine UN Sustainable Development Goals1 (SDGs):
Minimizing our environmental footprint (SDGs 12 and 13)
Innovating for the underserved (SDGs 3, 9, and 10)
Partnering with patient groups
Maintaining high ethical standards (SDG 16)
Attracting and retaining the best talent (SDGs 4, 5, and 8)
The Company’s ESG highlights include the following:
Environment: 99% of electricity consumed is generated from renewable sources2
EUR 18.8M spent to develop therapies for the underserved
EUR 13.1M R&D investment in 2022
EUR 5.7M spent on research and clinical trials in 2022
8 clinical trials sponsored or supported in 2022
9 indications under clinical or preclinical evaluation
50% of leadership roles held by women3
41% of supervisor and manager roles4 held by women globally
33% of Board Director and Interim Director seats held by women
About ONWARD Medical
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 eight Breakthrough Device Designations from the US FDA encompassing both ARC-IM and ARC-EX. ARC-EX is an external, non-invasive platform consisting of a stimulator and wireless programmer. Positive top-line data were reported in 2022 from the Company’s first pivotal study, called Up-LIFT, evaluating the ability of transcutaneous ARC Therapy to improve upper extremity strength and function. The Company is now preparing marketing approval submissions for the US and Europe. ARC-IM consists of an implantable pulse generator and lead placed near the spinal cord. The Company completed the first-in-human use of the ARC-IM neurostimulator and reported positive interim clinical outcomes for ARC-IM Therapy for improved blood pressure regulation following SCI in 2022.
ONWARD is headquartered in Eindhoven, the Netherlands. It maintains a Science and Engineering Center in Lausanne, Switzerland, and has a growing US presence in Boston, Massachusetts. The Company has an academic partnership with .NeuroRestore, a collaboration between EPFL, the Swiss Federal Institute of Technology in Lausanne, and Lausanne University Hospital (CHUV). For additional information about the Company, please visit ONWD.com. To access our 2023 Financial Calendar, please visit IR.ONWD.com.
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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.
1 Source: https://sdgs.un.org/goals
2 Weighted average of Lausanne and Eindhoven offices based on data provided by Services industriels de Lausanne (2021 data) and High Tech Campus Eindhoven
3 Defined as full-time roles within the Company’s Leadership Team (based on team composition as of February 1, 2023)
4 Supervisor or manager role defined as managing one or more reports