Orchestra BioMed has entered into a $20 million credit facility agreement with Silicon Valley Bank.
This agreement provides up to $20 million of new capital to the company for development and general corporate purposes, with an initial up to $10 million draw available at Orchestra BioMed’s sole option during the next 12 months and the remainder available following the completion of certain milestones.
The new $20 million credit facility adds to the capital resources available to Orchestra BioMed to accelerate product pipeline development and advance partnerships following the company’s completion of a $34 million financing in July 2019.
“The terms of the $20 million credit facility demonstrate SVB’s appreciation of our products and business model and a desire to forge a partnership with Orchestra BioMed to help support our future growth,” said David Hochman, chairman, CEO and founder of Orchestra BioMed. “We are excited about this creative lending solution that enhances an already strong capital position and bolsters our ability to optimize future pipeline opportunities.”_x000D_
Orchestra BioMed is a biomedical innovation company providing high-impact solutions for large unmet needs in procedure-based medicine.
