Funding supports continued execution of Orchestra BioMed's pivotal trials for Atrioventricular Interval Modulation Therapy ("AVIM Therapy") and Virtue Sirolimus AngioInfusion Balloon ("Virtue SAB")
This payment, together with a $20 million investment from Medtronic (NYSE:MDT) announced separately, represents a total of $35 million in fresh strategic capital received on May 1, 2026 under previously disclosed agreements
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 $15 million payment from Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) pursuant to the previously disclosed Revenue Participation Right Purchase and Sale Agreement (the "Royalty Purchase Agreement"). The payment completes a scheduled tranche under the agreement and reflects Ligand's continued strategic capital support of Orchestra BioMed's late-stage cardiovascular programs, AVIM Therapy and Virtue SAB, which are both being evaluated in ongoing randomized, controlled pivotal trials.
Todd Davis, Chief Executive Officer of Ligand, commented: "We are pleased to complete this second tranche investment to Orchestra BioMed as the Company continues to advance pivotal trials for its two compelling, proprietary cardiovascular therapies, AVIM Therapy and Virtue SAB. Both device-based therapies have the potential to meaningfully improve outcomes for patients with significant unmet medical needs. Since our initial tranche investment, Orchestra has made strong progress, including continued acceleration of the BACKBEAT Trial enrollment, partnership realignment with Terumo, and the initiation of patient enrollment in the Virtue Trial. This progress reinforces our confidence in Orchestra BioMed's ability to execute across both programs, and we look forward to key upcoming clinical and corporate milestones."
"We and Ligand designed our strategic capital partnership to align funding with execution, and the receipt of this additional tranche from Ligand reflects continued and timely progress against that plan," said David Hochman, Chairman and Chief Executive Officer of Orchestra BioMed. "We congratulate Ligand on an outstanding run of recent successes in its portfolio and its continued strategic growth. We believe Orchestra BioMed's programs can contribute meaningfully to Ligand's continued royalty growth in the next few years. As we advance both of our pivotal-stage programs, this type of partnership-driven capital enables us to remain focused on delivering results that enhance the long-term value potential of both AVIM Therapy and the Virtue platform."
The $15 million investment follows an initial $20 million investment received at closing of the initial tranche under the Royalty Purchase Agreement on August 4, 2025 and completes Ligand's $35 million royalty financing commitment under the Royalty Purchase Agreement. As previously announced, Ligand also purchased an additional $5 million of Orchestra BioMed common stock in an equity private placement in August 2025.
This payment, together with a $20 million investment from Medtronic announced separately, represents a total of $35 million in fresh strategic capital ...
