A Bucks County healthcare company has recently found itself in a new partnership, as well as having their name added to the stock market. John George wrote about the company for the Philadelphia Business Journal.

Orchestra BioMed, located at 296 Union Square Drive in New Hope, has completed its merger with the special purpose acquisition company, or SPAC, called Health Sciences Acquisition Corp. 2, and is now listed on Nasdaq.

The new company, which is also based in New Hope, is operating under the Orchestra BioMed Holdings name. Its stock was trading at $9.55 per share on Monday in early trading.

The business combination resulted in gross proceeds of $70 million. This includes $20 million in market purchases of the SPAC stock by a Medtronic affiliate and funds managed by RTW Investments.

Prior to the merger, Orchestra BioMed completed a $110 million Series D financing that, combined with the merger proceeds, is expected to secure the company’s cash runway into 2026. The financing round included an investment from Medtronic worth $40 million.

The funding will go towards completing late-stage clinical testing of Orchestra BioMed’s two lead device products, BackBeat Cardiac Neuromodulation Therapy and the Virtue Sirolimus AngioInfusion Balloon.

“We have several important milestones ahead of us, including the expected initiation of pivotal trials this year for both BackBeat CNT and Virtue SAB,” said David Hochman, CEO of Orchestra BioMed.

Read more about Orchestra BioMed in the Philadelphia Business Journal.