
Image Credit: Orchestra BioMed
Orchestra Biomedical announced today that it had secured $111M financing through a $40M IPO and investments by Medtronic and Ligand Pharmaceuticals to complete its late-stage clinical trials.
This includes funding the study of BackBeat’s study of the AVIM pacemaker-based therapy intended to treat hypertension.
According to the press release:
“Orchestra BioMed currently intends to use the net proceeds from these transactions to fund potential significant value-creating catalysts, including:
– Full enrollment of the BACKBEAT global pivotal study (“BACKBEAT study”) evaluating AVIM therapy for the treatment of uncontrolled hypertension in patients indicated for a pacemaker.
– Completion of follow-up for the BACKBEAT study primary endpoints”