Tela Bio, Inc., a Malvern, Pa.-based surgical reconstruction company focused on development and commercialization of OviTex® Reinforced BioScaffolds (RBSs) for soft tissue repair, received $1m in funding.
ProMedica, a mission-based, not-for-profit healthcare organization serving northwest Ohio and southern Michigan, has agreed to invest $1m in Tela Bio through the ProMedica Innovations Venture Fund.
Under the agreement, Tela Bio and ProMedica Innovations plan to explore a strategic partnership in research and education with the surgical specialists at the ProMedica Hernia Center. The first half of the investment closes immediately, and a second tranche will close pending revenue milestones outlined in the agreement.
Led by Antony Koblish, president and CEO, Tela Bio is advancing OviTex RBSs, a distinct class of surgical implants that integrate biologic and synthetic materials in an embroidered construction that allows free movement of fluid and cells through the construct. The biologic material, derived from ovine rumen, allows for functional tissue remodeling, while the polymer provides additional strength and improved handling.
Tela Bio first commercialized OviTex RBSs in July 2016 and over 1,800 implantations have been completed to-date in a wide range of hernia procedures using a variety of surgical techniques.