Cardiac system maker Orchestra BioMed (OBIO) plans to go public via a merger with SPAC Well being Science Acquisitions Corp. 2 (NASDAQ:HSAQ) that pegs the mixed firm with a professional forma enterprise worth of $158M.
Orchestra additionally mentioned it has raised $110M via a Sequence D fundraising spherical and entered right into a partnership with Medtronic (MDT) for one its lead merchandise.
The Sequence D fundraising spherical was led by RTW Investments and Perceptive Advisors and joined by Medtronic and Terumo. The personal fairness financing together with the merger are anticipated to boost gross proceeds of not less than $180M, which must be adequate to fund the mixed firm into 2026, Orchestra mentioned.
After the closing, the mixed firm expects to checklist its shares on Nasdaq beneath the image OBIO.
Orchestra additionally introduced a collaboration with cardiac medtech large Medtronic to develop its BackBeat Cardiac Neuromodulation Remedy as a remedy for hypertension in sufferers with cardiac pacemakers.
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