Sponsored Level 1 ADR program facilitates trading by US investors following recent FDA clearance and commercial launch
BNY will be ADR depositary bank
Ticker symbol for US investors is ONWRY
EINDHOVEN, the Netherlands, April 24, 2025 (GLOBE NEWSWIRE) -- ONWARD Medical N.V. (Euronext: ONWD and OTCQX: ONWRY), the medical technology company creating innovative spinal cord stimulation therapies to restore movement, function, and independence in people with spinal cord injury (SCI) and other movement disabilities, today announces it has established a sponsored Level 1 American Depositary Receipt ("ADR") program in the United States through the Bank of New York Mellon ("BNY"), and its ADRs have begun trading on the OTCQX® Best Market under the symbol ONWRY.
"Establishing an ADR program with BNY facilitates trading by US institutional investors, many of whom have expressed interest in supporting ONWARD but prefer to transact in US dollars and in US traded instruments," said Dave Marver, CEO of ONWARD Medical. "This ADR program and our new trading platform on OTCQX will make it easier for qualified US institutional and retail investors to participate in our growth."
"As a market leader in the Depositary Receipts market, having delivered customized and market-driven solutions for issuers, brokers and investors for decades, BNY is pleased to work with ONWARD Medical on the important step to expand its presence in the US market," said Christopher Kearns, Global Head of Depositary Receipts at BNY.
"We are proud to announce the addition of ONWARD Medical to the OTCQX Market," said Jason Paltrowitz, EVP of Corporate Services at OTC Markets. "This milestone not only marks a significant achievement for the company but also highlights the interplay between the European capital markets and US investors seeking new investment opportunities."
The ADR program and accompanying OTCQX upgrade are expected to improve ONWARD's US investor access, with the goal to broaden the Company's shareholder base and increase stock liquidity. An ADR is a negotiable depositary receipt denominated in US dollars and representing ownership of foreign shares in a non-US company. ADRs are specially designed to make it easier for American investors to purchase, hold and sell an US instrument representing non-US securities. BNY acts as the depositary bank and transfer agent for ONWARD's ADR program and one ONWARD ADR represents one ordinary share.
US investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com. The Company also expects many of the leading US investor platforms to provide quotes and information, searchable by the ticker ONWRY.
To learn more about ONWARD's commitment to partnering with the Spinal Cord Injury.
For US investors, visit: https://ir.onwd.com/us-investors-0
To be kept informed about the Company's technologies, research studies, and the availability of therapies in your area, please complete this webform.
About ONWARD Medical
ONWARD Medical is a medical technology company creating therapies to restore movement, function, and independence in people with SCI and other movement disabilities. Building on more than a decade of scientific discovery, preclinical research, and clinical studies conducted at leading hospitals, rehabilitation clinics, and neuroscience laboratories, the Company has developed ARC Therapy, which has been awarded ten Breakthrough Device Designations from the US Food and Drug Administration (FDA). The Company's ARC-EX System is cleared for commercial sale in the US. In addition, the Company is developing an investigational implantable system called ARC-IM with and without an implanted brain-computer interface (BCI).
Headquartered in the Netherlands, the Company has a Science and Engineering Center in Switzerland and a US office in Boston, Massachusetts. The Company is listed on Euronext Paris, Brussels, and Amsterdam (ticker: ONWD) and its US ADRs can be traded on OTCQX (ticker: ONWRY).
For more information, visit ONWD.comand connect with us on LinkedInand YouTube.
To be kept informed about the Company's technologies, research studies, and the availability of therapies in your area, please complete this webform.
For Media Inquiries:
media@onwd.com
For Investor Inquiries:
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, delays in regulatory approvals, 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.
Trademarks: ONWARD, ARC-EX, ARC-IM, ARC-BCI, and the stylized O-Logo are proprietary and registered trademarks of ONWARD Medical. Unauthorized use is strictly prohibited.
