Orchestra BioMed Secures $111M to Advance Global Heart Therapy Trials

Orchestra BioMed has secured approximately $111 million through a combination of public and private equity offerings and royalty-based, non-dilutive investments from Medtronic and Ligand Pharmaceuticals to advance its late-stage cardiovascular therapies. The financing includes a $40 million public offering, private placements, and commitments totaling $55 million from Medtronic and Ligand, structured as royalty interests and promissory notes convertible to prepaid revenue shares upon FDA approval. The funds will support clinical trials for Orchestra's BackBeat atrioventricular interval modulation (AVIM) therapy, which has demonstrated significant blood pressure reductions, and the Virtue sirolimus angioinfusion balloon (SAB) for coronary artery restenosis. This innovative financing strategy allows Orchestra to accelerate development without diluting shareholder equity, aligning investor returns with product success. Medtronic and Ligand's involvement is both financial and strategic, enhancing Orchestra's position in cardiovascular innovation while extending its cash runway through mid-2027. CEO David Hochman highlighted the strong confidence from partners and shareholders in the transformative potential of these therapies.