Business
Orchestra BioMed Reports First Quarter 2024 Financial Results and Provides a Business Update
Company hosting in-person R&D day event, focused on atrioventricular interval modulation (“AVIM”) therapy, including the unmet need in hypertension, mechanism
About this update from Orchestra Biomed Holdings, Inc.
[{"type":"text","content":"Company hosting in-person R&D day event, focused on atrioventricular interval modulation (“AVIM”) therapy, including the unmet need in hypertension, mechanism of action, clinical results and design of the BACKBEAT study in New York City on June 11, 2024 NEW HOPE, Pa., May 13, 2024 (GLOBE NEWSWIRE) -- Orchestra BioMed Holdings, Inc. (Nasdaq: OBIO, “Orchestra BioMed” or the “Company”), a biomedical company accelerating high-impact technologies to patients through risk-reward sharing partnerships, today reported its first quarter 2024 financial results and provided a business update. “Since initiating patient enrollment of the BACKBEAT global pivotal study, our team has been hard at work alongside our colleagues at Medtronic to activate study sites and support patient enrollment in the U.S. and EU,” commented David Hochman, founder, chief executive officer and chairman of Orchestra BioMed. “New data presented at cardiovascular medical congresses during the first quarter demonstrated AVIM therapy drove durable, long-term blood pressure reductions and exerted a favorable impact on overall cardiac hemodynamics. Seeing the mechanism of action of AVIM therapy have the therapeutic effect it is designed to in these pilot studies, not only reducing ambulatory systolic blood pressure in patients for nearly 4 years, but also enabling the heart to operate more efficiently in high-risk older patients who have a pacemaker, is encouraging as we execute the BACKBEAT pivotal study.” Mr. Hochman continued, “We see more clearly than ever the significant market opportunity for Virtue SAB following the recent FDA approval of the first drug-coated balloon for the treatment of coronary ISR. We continue to believe our highly differentiated, non-coated sirolimus-based solution offers important potential advantages to physicians and patients. We look forward to providing substantive updates on our strategic collaboration with Terumo and plans for initiating the Virtue ISR-US pivotal study in the second half of this year.” Recent Highlights Completed first full quarter of site activations and patient enrollment of the BACKBEAT global pivotal study evaluating the efficacy and safety of AVIM therapy in hypertensive pacemaker patients; targeting mid-2025 for completion of enrollment in collaboration with Medtronic (NYSE: MDT)Presented clinical results from a l...