Orchestra BioMed prices $40 million public offering at $2.75 per share

Orchestra BioMed Holdings Inc. (NASDAQ: OBIO) announced the pricing of an underwritten public offering of 9,413,637 shares of common stock at $2.75 per share and pre-funded warrants to purchase 5,136,363 shares at $2.7499 per warrant.

The biomedical company expects gross proceeds of approximately $40 million before deducting underwriting discounts and commissions. The company also granted underwriters a 30-day option to purchase up to an additional 2,182,500 shares at the public offering price.

The offering is expected to close on August 4, 2025, subject to customary closing conditions. Piper Sandler and TD Cowen are serving as joint book-running managers.

Orchestra BioMed stated it intends to use the net proceeds to fund its atrioventricular interval modulation therapy program and the BACKBEAT study, as well as its Virtue Sirolimus AngioInfusion Balloon program and the planned Virtue SAB trial. The remaining funds will support research and clinical development of other product candidates, working capital and general corporate purposes.

The securities are being offered under a shelf registration statement filed with the Securities and Exchange Commission on May 15, 2024, which became effective on May 24, 2024.

Orchestra BioMed develops medical device technologies through partnerships with companies including Medtronic and Terumo. The company has received four Breakthrough Device Designations from the U.S. Food and Drug Administration for its cardiovascular programs.

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