Business
Orchestra BioMed Reports Full Year 2023 Financial Results and Provides Fourth Quarter Business Update
Initiated enrollment of the BACKBEAT global pivotal study evaluating AVIM therapy (also known as BackBeat Cardiac Neuromodulation Therapy) in hypertensive
About this update from Orchestra Biomed Holdings, Inc.
[{"type":"text","content":"Initiated enrollment of the BACKBEAT global pivotal study evaluating AVIM therapy (also known as BackBeat Cardiac Neuromodulation Therapy) in hypertensive pacemaker patients in collaboration with Medtronic, plc (NYSE: MDT) in December 2023 Orchestra BioMed and Terumo remain actively engaged to update operational plans and financial arrangements for Virtue® Sirolimus AngioInfusionTM Balloon (“SAB”) development and commercialization for treatment of coronary and peripheral artery diseaseExpected runway of cash and cash equivalents and marketable securities, including certain potential future proceeds sufficient into 2H 2026, beyond anticipated BACKBEAT top-line results readout NEW HOPE, Pa., March 27, 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 full year 2023 financial results and provided a fourth quarter business update. “2023 was a year of strong momentum for Orchestra BioMed as we made significant progress on our cardiovascular pipeline with the achievement of key regulatory milestones and completion of our successful Nasdaq listing,” commented David Hochman, chairman, chief executive officer and founder of Orchestra BioMed. “In December, we initiated the BACKBEAT global pivotal study evaluating our lead program, AVIM therapy, in hypertensive pacemaker patients working alongside our strategic partner Medtronic, the global market leader in cardiac pacing therapies. We see a substantial market opportunity for AVIM therapy in this patient population, as well as in other high-risk hypertension populations.” Mr. Hochman continued, “We remain actively engaged with our other strategic partner, Terumo, to update our operational and financial plans to advance Virtue SAB for the treatment of patients with coronary in-stent restenosis, a breakthrough indication for which we have conditional Investigational Device Exemption approval from the FDA, as well as other breakthrough coronary and peripheral indications. Globally, the treatment of coronary in-stent restenosis and other challenging artery disease indications is rapidly shifting toward drug-coated balloons. We continue to believe Virtue SAB, the only non-coated balloon angioplasty system ...