Orchestra BioMed (OBIO) closed its business combination with Health Sciences Acquisitions 2 (HSAQ). Common stock of the combined company called "Orchestra BioMed Holdings, Inc.", commenced trading on January 27 on the Nasdaq Global Market under the ticker symbol "OBIO". Orchestra BioMed’s management team, led by Chairman, CEO and Co-founder David Hochman, will lead the combined company. Gross proceeds from the business combination were $70M including $20M in market purchases of HSAC2 stock by an affiliate of Medtronic (MDT) and funds managed by RTW Investments, a life sciences investment firm, as well as an additional investment by RTW concurrent with the closing. Together with proceeds from Orchestra BioMed’s previously completed $110M Series D financing, total cash following the business combination is expected to provide the company with a cash runway into 2026. The Series D financing included a $40M investment from Medtronic, a $20M investment from RTW, and investments from Perceptive Advisors, Terumo, SternAegis Ventures and others. The company’s cash resources are intended to support the execution of pivotal studies for BackBeat Cardiac Neuromodulation Therapy for the treatment of hypertension in cardiac pacemaker patients, and Virtue Sirolimus AngioInfusion Balloon in patients with coronary in-stent restenosis.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on HSAQ: