Shares of Orchestra BioMed Holdings Inc., which began trading on Nasdaq Friday, were trading lower shortly after noon on Monday.
The company debuted following a business combination between special purpose acquisition company Health Sciences Acquisition Co. 2 and biomedical company Orchestra BioMed Inc. Orchestra said it accelerates “high-impact technologies to patients through risk-reward sharing partnerships with leading medical device companies.”
At 12:08 p.m. ET, shares of Orchestra BioMed were trading 16.96% lower at $9.55 a share. On Friday, the stock opened at $11.75 and ended the day with a 13.6% loss, closing at $11.50 a share.
Also on Friday, the company said it entered a strategic collaboration with Medtronic to develop BackBeat Cardiac Neuromodulation Therapy as “potential integrated hypertension treatment for cardiac pacemaker patients.”