Orchestra BioMed places $34 million preferreds to help develop assets

By Devika Patel

Knoxville, Tenn., July 10 – Wednesday brought one new deal to the private placement market, with New Hope, Pa.-based Orchestra BioMed, Inc., a biomedical innovation company, settling a $34 million private placement of series B-1 preferred stock.

Orchestra BioMed may receive up to an additional $57 million in follow-on investments from existing shareholders based on the structure of its preferred financings.

The placement was led by institutional investors Perceptive Advisors, RTW Investments and Soleus Capital, with participation from strategic partner Terumo Corp. and existing investors from SternAegis Ventures.

Proceeds will be used to accelerate and expand development of Orchestra BioMed’s lead and pipeline assets. Proceeds will also support Orchestra BioMed’s commitments to its global strategic partnership with Terumo for the development and commercialization of the Virtue Sirolimus-Eluting Balloon for percutaneous coronary and peripheral vascular interventions.

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