US-based biomedical therapy system developer Orchestra BioMed has closed a $34m series B1 round backed by medical device maker Terumo Corporation.
Perceptive Advisors, RTW Investments and Soleus Capital co-led the round, which also featured unnamed existing investors from SternAegis Ventures. Orchestra BioMed is eligible for up to an additional $57m in series B and B1 funding.
Terumo’s investment was first revealed last month, when the corporate supplied $5m in equity funding to Orchestra on top of a $30m upfront payment as part of a strategic collaboration agreement.
Orchestra BioMed is working on therapies for diseases with a high unmet need, with a current focus on a treatments for artery disease and hypertension.
The series B1 capital will allow Orchestra to accelerate and expand the development of its pipeline and lead assets, including clinical trials.
Some funding has also been allocated to supporting the company’s partnership with Terumo, which focuses on percutaneous coronary and peripheral vascular interventions.
Orchestra had previously obtained $41m in a November 2018 round for which SternAegis Ventures acted as placement agent. The round included the conversion of $23m of debt financing into equity.
