TELA Bio filed the paperwork for a $69 Million IPO on 10/15/2019. The Malvern, PA based company makes interwoven biologic tissue devices used in hernia repair and abdominal wall reconstruction. The company will trade on NASDAQ under the symbol "TELA.”
TELA's Ovitex is designed to addresse unmet needs in hernia repair and abdominal wall reconstruction by combining the benefits of biologic matrices and polymer materials while minimizing their shortcomings. The prospectus claims that the products have been implanted in over 6,500 patients with no explantations due to product failure.
The company intends to use the proceeds primarily to hire additional salespeople, extend marketing efforts and fund product development/R&D. The company currently has 30 sales territories in the U.S.