Orchestra BioMed announced a new financing arrangement with Terumo Corporation and Terumo Medical Corporation that brings in $30 million in total. The deal consists of a $10 million upfront payment and a $20 million investment in a new series of non‑voting preferred stock convertible into common shares at a minimum price of $12 per share.
The agreement replaces a prior distribution arrangement and grants Terumo a right of first refusal for Virtue SAB in coronary artery disease worldwide. The right of first refusal period expires 90 days after Orchestra BioMed discloses primary‑endpoint data from the Virtue pivotal trial, giving Terumo first review of any third‑party offers for the product.
Virtue SAB is a sirolimus‑eluting balloon that has received FDA Breakthrough Device Designation for coronary in‑stent restenosis, coronary small‑vessel disease, and below‑the‑knee peripheral artery disease. The U.S. pivotal IDE trial will enroll 740 patients across up to 75 centers, with a primary endpoint of target lesion failure at 12 months.
The $30 million will fund the Virtue pivotal trial and other late‑stage programs, including Atrioventricular Interval Modulation therapy for hypertension. The transaction is expected to close by November 7, 2025, and is viewed as a significant financing event that strengthens Orchestra BioMed’s runway and partnership model.
The new agreement supersedes the prior arrangement, which had already delivered a $30 million non‑refundable payment and a $5 million common‑stock investment, providing a more robust financial foundation for the company.
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