EINDHOVEN, the Netherlands, May 02, 2024 (GLOBE NEWSWIRE) -- ONWARD Medical N.V. (Euronext: ONWD), a medical technology company creating innovative spinal cord stimulation therapies to restore movement, function, and independence in people with spinal cord injury (SCI), today has convened the 2024 Annual General Meeting of Shareholders (AGM), which will include consideration of the resolutions to be submitted for adoption at the AGM, which will be held in Amsterdam, the Netherlands, on June 13, 2024.

The resolutions, proposed by the Board, to be submitted for adoption at the AGM, are as follows:

• Adoption of the Company’s statutory annual accounts for the financial year ended December 31, 2023, prepared in accordance with International Financial Reporting Standards (IFRS-EU). The 2023 statutory accounts were filed with the Netherlands Authority for the Financial Markets (AFM) on April 25, 2024, and are posted on the Company’s website (www.ir.onwd.com) and the AFM's website (afm.nl).

• Implementation of the compensation policy over the financial year 2023 (advisory non-binding voting item).

• Release from liability of the members of the Board with respect to the performance of their duties during the financial year 2023.

• Instruction to Ernst & Young Accountants LLP for the external audit of the Company's annual accounts for the financial year 2024.

• Re-appointment of Mr. Jan Koch Øhrstrøm as non-executive director of the Board for a four-year term expiring at the end of the 2028 AGM.

• Re-appointment of Mr. John Paul de Koning as non-executive director of the Board for a four-year term expiring at the end of the 2028 AGM.

• Delegation of the authority of the Board to issue ordinary shares and to grant rights to subscribe for ordinary shares in the capital of the Company for 10% of the Company's issued share capital and to limit or exclude pre-emptive rights in connection therewith.

• Delegation of the authority of the Board to issue ordinary shares and to grant rights to subscribe for ordinary shares in the capital of the Company for 50% of the Company's issued share capital and to limit or exclude pre-emptive rights in connection with one or more potential capital raises, or strategic purposes.

• Authorization of the Board to acquire ordinary shares in the Company’s capital.

• Amendment of the Company’s articles of association.

The record date for all shareholders to participate at the AGM will be May 16, 2024. The convening notice, the complete agenda, and all relevant detailed information concerning the 2024 AGM, as well as all related AGM materials, are available on the Company’s website in the financial information of the Investors section (www.ir.onwd.com) and made available to shareholders in compliance with legal requirements as of May 2, 2024.

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 Medical devices and therapies, including but not limited to ARC-IM^®, ARC-EX^®, ARC-BCI^™, and ARC Therapy^™, alone or in combination with a brain-computer interface (BCI), are investigational and not available for commercial use.

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 scientific discovery, preclinical, and clinical research 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).

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 has submitted its regulatory application to the FDA for clearance of the ARC-EX System in the US and is preparing for regulatory submission in Europe. In parallel, the Company is conducting studies with its implantable ARC-IM Therapy, which demonstrated positive interim clinical outcomes for improved blood pressure regulation following SCI. Other ongoing studies include use of ARC-IM Therapy to address mobility after SCI and gait challenges in Parkinson’s disease as well as using the ARC-BCI platform to restore thought-driven movement of both upper and lower limbs after 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 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 Inquiries:
Aditi Roy, VP Communications
media@onwd.com

For Investor Inquiries:
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^®, ARC-BCI^™ and ARC Therapy^™, are investigational and not available for commercial use.