InvestmentMay 6, 2026, 08:03 AM
Orchestra BioMed gets $20M from Medtronic for AVIM Therapy trial
AI Summary
Orchestra BioMed Holdings, Inc. announced the receipt of a $20 million investment from Medtronic, plc., completing a scheduled tranche under their strategic financing agreement. This funding supports the ongoing BACKBEAT Global Pivotal Trial for AVIM Therapy, Orchestra BioMed's investigational treatment for uncontrolled hypertension in pacemaker-indicated patients. This payment, combined with a separate $15 million payment from Ligand, totals $35 million in strategic capital received, reinforcing the company's long-term collaboration with Medtronic and advancing regulatory and commercialization objectives.
Key Highlights
- Orchestra BioMed received a $20 million investment from Medtronic.
- This payment fulfills a previously disclosed funding commitment for the BACKBEAT Global Pivotal Trial.
- The $20 million investment is convertible to capped prepaid revenue share upon FDA approval of AVIM Therapy.
- Medtronic's prepaid revenue share will be credited at a low double-digit percentage, up to $40 million.
- Total strategic capital received on May 1, 2026, was $35 million, including $15 million from Ligand Pharmaceuticals.
- The funding reinforces the strategic collaboration between Orchestra BioMed and Medtronic.
- AVIM Therapy has FDA Breakthrough Device Designations for uncontrolled hypertension.