US-based biomedical company Orchestra BioMed Holdings has raised $111.2m in gross proceeds through strategic transactions and equity offerings.
The funds will support the advancement of its atrioventricular interval modulation (AVIM) therapy and Virtue Sirolimus AngioInfusion Balloon (SAB) clinical programmes.
The total proceeds, formalised on 4 August 2025, include $55m from royalty-based, non-dilutive investments by Ligand Pharmaceuticals and Medtronic.
Ligand has committed $35m for a tiered revenue interest in future royalties from AVIM therapy and Virtue SAB.
Medtronic has committed $20m for a secured subordinated promissory note convertible to capped prepaid revenue share.
In addition, $56.2m was raised from a $40m underwritten public offering of common stock and pre-funded warrants.
Medtronic and Ligand also participated in private placements, contributing $11.2m and $5m, respectively.
Orchestra BioMed plans to use the proceeds to support the full enrolment of the BACKBEAT study for AVIM therapy in patients with uncontrolled hypertension requiring a pacemaker.
The funds will also support the completion of follow-up for the BACKBEAT study’s primary endpoints and the enrolment of the Virtue Trial for treating coronary in-stent restenosis (ISR).
Orchestra BioMed chairman and CEO David Hochman said: “We are very proud to have secured significant long-term capital from strategic transactions with Medtronic and Ligand and the completion of our first underwritten public equity offering.
“We believe the success of these financing transactions reflects confidence from strategic partners and shareholders in the transformative potential of our two high impact, late-stage therapeutic programs.
“This new capital strongly positions us to advance our core technologies, AVIM therapy and Virtue SAB, toward fundamental clinical and regulatory milestones that have the potential to create significant value for all stakeholders.”
In the public offering, closed on 4 August 2025, Orchestra BioMed sold 9,413,637 shares of common stock at $2.75 per share.
Pre-funded warrants for 5,136,363 shares were also issued at $2.7499 each.
Medtronic purchased 4,077,427 shares, and Ligand acquired 1,818,181 shares in the private placement at $2.75 per share.
The combined gross proceeds from both offerings amounted to around $56.2m, with net proceeds of around $51.8m after expenses.
