Orchestra BioMed announces common stock offering, no amount given

Orchestra BioMed (OBIO) Holdings announced that it has commenced an underwritten public offering of shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. All of the securities are being offered by the company. The company intends to use the net proceeds it receives from the offering, together with its existing cash and cash equivalents, to fund the company’s atrioventricular interval modulation therapy program and the execution of the BACKBEAT study and to fund its Virtue Sirolimus AngioInfusion Balloon program and the planned Virtue SAB trial, as well as research and clinical development of other current or additional product candidates, and the remainder for working capital and other general corporate purposes. Piper Sandler and TD Cowen are acting as joint book-running managers for the offering.