Orchestra Biomed raises $34M to advance circulatory solutions

New Hope, Pa.-based Orchestra Biomed Inc. scooped up $34 million in a series B-1 preferred stock financing led by Perceive Advisors, RTW Investments and Soleus Capital. The funds will be used to advance development of the company’s Backbeat cardiac neuromodulation therapy (CNT) system, to support commitments to Orchestra’s strategic global partnership with Tokyo-based Terumo Corp. for the development and marketing of the Virtue sirolimus-eluting balloon (SEB) and to grow the company’s product pipeline and pursue future collaborations.