Orchestra BioMed Receives $20 Million Payment from Medtronic Under Financing Agreement
Orchestra BioMed announced the receipt of a $20 million investment from Medtronic under a strategic financing agreement. This funding supports the BACKBEAT Trial for AVIM Therapy, a treatment for uncontrolled hypertension in pacemaker-indicated patients. The investment aligns with strong trial enrollment and paves the way for potential commercialization upon FDA approval. The funding is part of a total of $35 million received from strategic agreements, which includes a planned revenue interest payment from Ligand Pharmaceuticals.
NEW HOPE, Pa., May 06, 2026 (GLOBE NEWSWIRE) — Orchestra BioMed Holdings, Inc. (Nasdaq: OBIO) (“Orchestra BioMed” or the “Company”), a biomedical company accelerating high-impact technologies to patients through strategic partnerships with market-leading global medical device companies, today announced the receipt of a $20 million investment from Medtronic, plc. (NYSE: MDT, “Medtronic”) pursuant to the previously disclosed strategic financing agreement. The funding represents the completion of a scheduled tranche under the agreement, as well as Medtronic’s continued support for the BACKBEAT Trial for AVIM Therapy, Orchestra BioMed’s global pivotal trial evaluating its patented investigational treatment for uncontrolled hypertension in pacemaker-indicated patients.