ONWARD Medical appoints Lucas Buchanan to board of directors

EINDHOVEN, Netherlands - ONWARD Medical N.V. (Euronext:ONWD, OTCQX: ONWRY), a medical technology company with a market capitalization of $21.78 million, announced Wednesday the appointment of Lucas Buchanan as a non-executive member of its Board of Directors. According to InvestingPro data, the company maintains a strong balance sheet with cash reserves exceeding debt levels, though analysts note rapid cash burn rates.

Buchanan previously served as Chief Financial Officer and Chief Operating Officer at Silk Road Medical, where he helped lead the company from its founding through its IPO in 2019 and subsequent acquisition by Boston Scientific in 2024.

"Lucas has a unique and valuable set of experiences as an operator, investor, and leader," said Dave Marver, CEO of ONWARD Medical, in a press release statement.

With over 25 years of experience in commercialization, operations, business development, investing, and finance, Buchanan was formerly a venture capitalist with The Vertical Group and has held roles at Impax Laboratories, Warburg Pincus, Medtronic, and Ernst & Young.

Buchanan currently serves on the boards of several medical technology companies, including Element Science, Aerin Medical, Route 92 Medical, Procyrion, and Endologix. He holds a BA in Economics from Duke University and an MBA in Health Care Management from The Wharton School at the University of Pennsylvania.

ONWARD Medical develops neurotechnology therapies for people with spinal cord injuries and other movement disabilities. The company’s ARC-EX System has received FDA clearance for commercial sale in the United States, and its ARC Therapy has been awarded ten Breakthrough Device Designations from the FDA.

The company is headquartered in the Netherlands with additional offices in Switzerland and Boston. ONWARD Medical is listed on Euronext Paris, Brussels, and Amsterdam under the ticker ONWD, while its US ADRs trade on OTCQX under the ticker ONWRY. The stock has shown resilience with a 5.76% return over the past year, despite recent market volatility. For deeper insights into ONWARD Medical’s financial health and growth prospects, including exclusive ProTips and comprehensive analysis, visit InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.