Orchestra BioMed, based in New Hope, successfully raised $111 million in just five days to support the advancement of two of its flagship technologies focused on heart care, writes John George for the Philadelphia Business Journal.
The biomedical company closed a $40 million public stock offering on Tuesday, building on $71 million in new capital that was secured late last week through strategic partnerships with Ligand Pharmaceuticals and Medtronic.
The funding will extend the company’s cash runway into the second half of 2027.
Following the Tuesday announcement, Orchestra BioMed stock rose nearly two percent to $2.72 per share. However, the stock still remains down more than 30 percent for the year.
Orchestra BioMed CEO David Hochman noted that the strong financing demonstrates the confidence shown by the company’s strategic partners and shareholders regarding the “transformative potential” of its late-stage heart care technologies.
The company sold 9.41 million shares of its common stock in the public offering at $2.75 per share. Several unidentified investors also purchased pre-funded warrants, allowing them to buy 5.14 million shares of common stock priced at $2.7499 per pre-funded warrant.
Read more about Orchestra BioMed’s rapid capital raise and what this means for the future of heart care in the Philadelphia Business Journal.
_______
