Orchestra BioMed, Inc., a New Hope, PA-based biomedical innovation company developing advanced therapeutic solutions to address major unmet medical needs, closed a $41m equity financing.
The round also included the conversion of outstanding debt to equity. The financing structure also provided for up to an additional $23m in follow-on financing from existing investors
The company intends to use the funds for continued late-stage clinical development of its lead product candidates, which include the Virtue® Sirolimus-Eluting Balloon (SEB) for the treatment of artery disease and the BackBeat® Cardiac Neuromodulation Therapy (CNT) for the treatment of hypertension.
Led by David Hochman, Chairman and Chief Executive Officer, and Darren R. Sherman, President and Chief Operating Officer, Orchestra BioMed is a biomedical innovation company focused on developing evidence-based therapeutic solutions for procedures that address major medical conditions. The company’s core innovation and product development expertise are in the areas of drug delivery, interventional devices, bioelectronics and neuromodulation with a primary focus on cardiovascular disease.
The company’s lead product candidates include Virtue® Sirolimus-Eluting Balloon (SEB), a drug-eluting angioplasty balloon that delivers delayed-release bioabsorbable particle encapsulated Sirolimus, and BackBeat® Cardiac Neuromodulation Therapy (CNT), a patented implantable cardiac neuromodulation treatment for hypertension.
Orchestra BioMed also has significant strategic ownership in other therapeutic device companies that were originally founded, financed and developed with the assistance from the principals of Orchestra BioMed.
These include one wholly-owned subsidiary (FreeHold Surgical®), a commercial-stage advanced surgical accessory device product line, and two large minority interests in other therapeutic device companies including Motus GI® Holdings, Inc. (NASDAQ:MOTS), which is currently focused on the commercial launch of its Pure-Vu® System for intraprocedural cleansing during colonoscopy, and Vivasure Medical Ltd., which recently initiated the commercial launch of PerQSeal®, an absorbable, patch-based large-bore percutaneous closure device.