NEW HOPE, PA — Orchestra BioMed Holdings, Inc. (Nasdaq: OBIO) received a $15 million investment from Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) tied to the company’s ongoing cardiovascular device trials, completing Ligand’s previously announced $35 million royalty financing commitment.
The payment supports continued development of Orchestra BioMed’s atrioventricular interval modulation therapy, or AVIM therapy, and its Virtue sirolimus angioinfusion balloon platform, both of which are in pivotal-stage clinical trials.
The latest tranche brings total capital received from Ligand to $40 million, including a previously disclosed $5 million equity investment completed in August 2025.
Under the royalty financing agreement, Ligand receives a tiered royalty interest tied to Orchestra BioMed’s future revenue in addition to equity participation.
The company noted that the Ligand investment, combined with a separately announced $20 million payment from Medtronic plc (NYSE: MDT), resulted in $35 million in strategic capital received on May 1.
AVIM therapy is being evaluated as a treatment for uncontrolled hypertension in patients with pacemakers through the ongoing BACKBEAT pivotal trial.
Virtue SAB is being studied as a potential treatment for coronary and peripheral artery disease using localized sirolimus drug delivery during angioplasty procedures.
Ligand Chief Executive Officer Todd Davis pointed to enrollment progress in Orchestra BioMed’s pivotal studies and recent partnership developments as factors supporting the investment.
“This progress reinforces our confidence in Orchestra BioMed’s ability to execute across both programs,” Davis said in a statement.
Orchestra BioMed Chief Executive Officer David Hochman stated that the financing structure was designed to align capital access with development milestones across the company’s late-stage programs.
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