Brief: ONWARD Medical H1 Net Loss Widens To EUR 19.2 Million, CFO Steps Down

ONWARD Medical

19/09/2023 05:36

Sept 19 (Reuters) - Onward Medical NV  ONWD.BR :
    * COMPANY WAS ISSUED 39 NEW PATENTS IN H1, BRINGING ITS
TOTAL
NUMBER OF PENDING OR ISSUED PATENTS TO MORE THAN 360
    * REPORTED AN OPERATING LOSS OF EUR 18.8 MILLION FOR FIRST
SIX
MONTHS OF 2023 COMPARED TO EUR 15.1 MILLION IN SAME PERIOD OF
2022
    * COMPANY ENDED SIX-MONTH PERIOD WITH A POSITIVE CASH
BALANCE OF
EUR 43.8 MILLION (31 DECEMBER 2022: EUR 61.8 MILLION)
    * DECREASE IN CASH OF EUR 18 MILLION COMPARED TO 31 DECEMBER
2021
IS DUE TO CASH OUTFLOWS FOR OPERATING ACTIVITIES
    * H1 NET LOSS EUR 19.2 MILLION VERSUS LOSS EUR 16 MILLION
YEAR AGO
    * NOW EXPECTS TO LAUNCH ARC-EX IN US IN SECOND HALF OF 2024
    * ALSO CONTINUES TO PREPARE FOR ITS PIVOTAL CLINICAL STUDY,
CALLED
EMPOWER BP, TO EVALUATE SAFETY AND EFFECTIVENESS OF ITS
IMPLANTABLE ARC-IM SYSTEM TO ADDRESS BLOOD PRESSURE INSTABILITY
AFTER SCI
    * CFO LARA SMITH WEBER WILL STEP DOWN AS CHIEF FINANCIAL
OFFICER
AT END OF SEPTEMBER TO PURSUE A NEW OPPORTUNITY IN BOSTON AREA
    * KHALED BAHI WILL JOIN ONWARD AS INTERIM CFO
    * COMPANY CONTINUES TO EXPECT ITS CURRENT CASH POSITION TO
FUEL
OPERATIONS THROUGH END OF 2024
    * PLANS TO EXPLORE OPPORTUNITIES TO FURTHER STRENGTHEN ITS
CASH
POSITION TO SUPPORT FUTURE INVESTMENTS IN PRODUCT DEVELOPMENT,
CLINICAL TRIALS, AND OPERATIONAL AND COMMERCIAL CAPABILITIES

Source text for Eikon:  ID:nGNEHHP3D 
Further company coverage:  ONWD.BR 

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