Backing Its Medtronic Deal, Orchestra BioMed Closes Series D to the Tune of $110M

Orchestra BioMed, which positions risk-reward sharing partnerships to help speed pivotal technologies to market for patients, has strung together a handful of new deals. Its machinations will be bolstered by its recently closed Series D financing totaling $110 million. That round featured investments from RTW Investments, Perceptive Advisors, Terumo Corporation, SternAegis Ventures, and one medtech powerhouse that has been tapped for a team-up with the company. A global strategic collaboration with Medtronic will see the company help in developing Orchestra BioMed BackBeat Cardiac Neuromodulation Therapy (CNT) for cardiac pacemaker patients needing alternative treatment for hypertension.

An investigational bioelectronic treatment that has passed through a series of pilot studies, BackBeat CNT can interact with standard pacemakers. A recent double-blind study saw patients treated with it experience a net reduction of 8.1 mmHg in 24-hour ambulatory systolic blood pressure (aSBP) and 12.3 mmHg in office systolic blood pressure (oSBP) in comparison with control patients at six months. Next up, Orchestra BioMed will conduct a global pivotal trial to further prove safety as well as efficacy. Once regulatory approval is secured, Medtronic will have commercialization rights for the therapy.

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“These significant transactions further validate the potential of Orchestra BioMed’s flagship development programs and our novel partnership-enabled business model. As the global leader in advanced cardiac pacing therapies, Medtronic is the ideal company to help us develop BackBeat CNT for the treatment of hypertension, which is remarkably common and drives significant health risk in the pacemaker population,” said Orchestra BioMed Chairman, Chief Executive Officer, and Co-Founder David Hochman.