Orchestra BioMed restructures Terumo deal: $30M total, retains Virtue SAB rights, starts pivotal trial

Orchestra BioMed Holdings, Inc.

Terumo pays $10M for ROFR on Virtue SAB coronary rights globally; $20M equity investment via Series A convertible preferred at $100/share.
Prior $30M non-refundable payment and $5M common stock investment unchanged; Terumo total commitment now $65M.
Orchestra BioMed retains full rights for below-the-knee peripheral artery disease and other non-coronary indications.
First patients enrolled in Virtue Trial (U.S. pivotal IDE for coronary ISR, 740 patients, enrollment mid-2027).
Virtue SAB has FDA Breakthrough Device Designation; pilot data showed 12-month TLF 2.8% and zero TLR from 12–36 months.

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