7. Orchestra BioMed: $110 million (Cardiovascular)
Orchestra BioMed’s BackBeat Cardiac Neuromodulation Therapy (CNT) is designed to reduce blood pressure with programmed pacing. [Illustration courtesy of Orchestra BioMed]
Medtronic invested $40 million in the Series D funding round, which also included $20 million from RTW Investments and an undisclosed amount from Terumo.
At the same time, Medtronic and Orchestra BioMed announced a partnership to develop Orchestra BioMed’s BackBeat Cardiac Neuromodulation Therapy (CNT) as a potential treatment for hypertension patients indicated for a pacemaker.
The New Hope, Pennsylvania-based medtech developer is also working with Terumo on the Virtue Sirolimus AngioInfusion Balloon (SAB) for patients with coronary in-stent restenosis. The FDA designated Virtus SAB as a breakthrough device in 2019.
Orchestra BioMed co-founder David Hochman leads the company as chair and CEO, while co-founder Darren Sherman is president and chief operating officer.
In February 2023, the company brought on Dr. Avi Fischer as SVP of medical affairs and innovation. Fischer was previously CEO of ElectroPhysiology Frontiers and chief medical officer of Abbott Cardiac Rhythm Management. The company also promoted George Papandreou to GM and SVP of focal therapies, and promoted Kunal Faldu to VP of pharmaceutical development.
“Orchestra BioMed is pioneering an innovative business model designed to leverage partnerships with global medical device leaders like Medtronic and Terumo to accelerate the development and commercialization of high-impact device therapies like BackBeat CNT and Virtue SAB,” Hochman said when the company when public under the Nasdaq ticker OBIO.
“With a strong balance sheet, a top-flight shareholder base, and world-class strategic collaborators, this transaction puts us in an excellent position to address the unmet needs of patients and physicians while seeking to generate differentiated growth for our stockholders. We have several important milestones ahead of us, including the expected initiation of pivotal trials this year for both BackBeat CNT and Virtue SAB. These innovative technologies are supported by strong proof-of-concept clinical data, fueling our excitement for Orchestra BioMed as it enters the public markets and the next phase of its corporate evolution.”
