Tela Bio, a Malvern, PA-based surgical reconstruction company that markets its proprietary OviTex™ portfolio of products for ventral hernia repair and abdominal wall reconstruction, is to raise up to $25m in equity funding.
Pacira Pharmaceuticals (NASDAQ:PCRX) will make an initial investment of $15m with the potential for an additional investment of up to $10m under certain performance scenarios. Pacira is also entitled to one seat on the TELA Bio Board of Directors.
The company intends to use the funds to scale-up its clinical and commercial efforts for hernia repair and abdominal wall reconstruction and to develop new OviTex products purposely designed for additional soft tissue procedures such as breast reconstruction.
Led by Antony Koblish, president and chief executive officer, TELA Bio provides surgical implants (OviTex Reinforced BioScaffold) that integrate biologic and synthetic materials in an embroidered construction that allows free movement of fluid and cells through the construct. OviTex RBS products have been used in over 1,000 implantations across a wide range of hernia patients using a variety of surgical techniques.
TELA Bio has exclusive commercial rights to OviTex for hernia repair and abdominal wall and breast reconstruction procedures in the U.S. and European markets.