Orchestra BioMed announces underwritten public stock offering

Orchestra BioMed Holdings, Inc. (NASDAQ: OBIO) announced it has commenced an underwritten public offering of common stock shares and pre-funded warrants to purchase common stock shares. The biomedical company plans to grant underwriters a 30-day option to purchase up to an additional 15% of shares and pre-funded warrants sold in the offering at the public offering price, less underwriting discounts and commissions.

The company stated it intends to use net proceeds from the offering, along with existing cash and cash equivalents, to fund its atrioventricular interval modulation therapy program and the BACKBEAT study execution. Proceeds will also support the Virtue Sirolimus AngioInfusion Balloon program and the planned Virtue SAB trial, as well as research and clinical development of other product candidates, working capital and general corporate purposes.

Piper Sandler and TD Cowen are serving as joint book-running managers for the offering. The offering is subject to market and other conditions, with no assurance regarding completion timing or final size and terms.

The securities are being offered under a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on May 15, 2024, and declared effective on May 24, 2024. Orchestra BioMed operates through risk-reward sharing partnerships with medical device companies and focuses on cardiovascular technologies including treatments for hypertension and atherosclerotic artery disease.

The company has strategic collaborations with Medtronic for AVIM therapy development and with Terumo for Virtue SAB development. Orchestra BioMed has received four Breakthrough Device Designations from the U.S. Food and Drug Administration across its two core programs.

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