By Dean Seal

Shares of Orchestra BioMed shot higher after federal regulators gave it the go-ahead to start a study examining BackBeat, its atrioventricular interval modulation therapy for treating hypertension in pacemaker patients.

The stock was up 11.7% at $9.43 in early trading. Shares are still in negative territory for the year.

The biomedical company said Tuesday that the U.S. Food and Drug Administration has granted approval of an investigational device exemption that will allow the study to move forward.

Enrollment is expected to begin before the end of the year.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

September 19, 2023 10:04 ET (14:04 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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