Orchestra BioMed Holdings, Inc. (NASDAQ: OBIO) started trading Wednesday in the green. The New Hope, Pa.-based company, a biomedical concern accelerating high-impact technologies to patients through strategic partnerships with market-leading global medical device companies, today announced the receipt of a $20-million investment from Medtronic, plc. (NYSE: MDT).
The funding represents the completion of a scheduled tranche under the agreement, as well as Medtronic’s continued support for the BACKBEAT Trial for AVIM Therapy, Orchestra BioMed’s global pivotal trial evaluating its patented investigational treatment for uncontrolled hypertension in pacemaker-indicated patients.
Robert C. Kowal, M.D., Ph.D., Vice President and General Manager of Cardiac Pacing Therapies within the Medtronic Cardiac Rhythm Management operating unit, commented, “The completion of this investment aligns with the strong clinical trial enrollment we’ve seen in the BACKBEAT Trial for AVIM Therapy.
“Our collaboration with Orchestra BioMed opens the door to bringing the benefits of pacing therapy to patients with needs beyond traditional rhythm management, offering the potential to treat hypertension and hypertensive heart disease.”
“Medtronic has been an excellent strategic collaborator for the AVIM Therapy program, and this funding further reinforces our long-term alignment under our strategic collaboration agreement,” said Orchestra CEO David Hochman.
OBIO shares gathered five cents, or 1.3%, to $4.06 while those for MDT acquired $1.60, or 2%, to $80.97.
