Biomedical innovation firm Orchestra BioMed has secured a $41m private equity financing to advance the development of its cardiovascular product candidates for artery disease and hypertension.
Orchestra BioMed will use the funding to support continued late-stage clinical development of its Virtue sirolimus-eluting balloon (SEB) to treat artery disease and BackBeat cardiac neuromodulation therapy (CNT) to treat hypertension.
Orchestra BioMed chairman and CEO David Hochman said: “This successful financing marks a significant milestone for Orchestra BioMed as we look to implement our innovative business model which aims to more efficiently advance high impact, high value, evidence-based therapeutic device solutions for large, established, procedure-based medical markets like interventional cardiology and electrophysiology.”
BackBeat CNT is a patented implantable cardiac stimulation-based treatment for hypertension, and has demonstrated to reduce systolic blood pressure to levels associated with significantly reduced risk of heart attack and stroke.
BackBeat CNT can be integrated into existing cardiac rhythm management devices such as pacemakers, making it suitable for hypertensive patients that require pacemaker and patients with severe hypertension that do not require pacemaker.
Virtue SEB is a novel and first in-class drug/device combination product, which delivers delayed-release bioabsorbable particle encapsulated Sirolimus to the artery during balloon angioplasty to treat atherosclerosis without the requirement of a permanent implant.
Sirolimus is a proven gold-standard drug for preventing restenosis. The Virtue SEB can be used in clinical indications, including coronary in-stent restenosis, small vessel disease and below-the-knee lesions.
Orchestra BioMed president and chief operating officer Darren Sherman said: “Our Virtue SEB and BackBeat CNT technologies each offer an exciting new way to treat some of today’s most challenging medical conditions while taking full advantage of techniques and technologies that are familiar and broadly acceptable by interventionalists in cardiology and electrophysiology.”
FreeHold Surgical, a wholly-owned subsidiary of Orchestra BioMed, supplies a commercial-stage advanced surgical accessory device product line.
Orchestra BioMed also owns equity interest in other therapeutic device firm such as Motus GI Holding and Vivasure Medical.
Motus GI is currently involved in the commercial launch of its Pure-Vu system for intraprocedural cleansing during colonoscopy, while Vivasure Medical recently initiated the commercial launch of PerQSeal fully absorbable and patch-based large-bore percutaneous closure device.