Tela Bio, a US-based surgical reconstruction technology developer backed by healthcare provider ProMedica and pharmaceutical firm Pacira Pharmaceuticals, filed on Tuesday to raise up to $69m in its initial public offering.
Founded in 2012, Tela Bio provides soft tissue reinforcement materials for hernia repair, abdominal wall reconstruction and plastic and reconstructive surgery. Its implants have been used by more than 6,500 patients to date.
The company has raised approximately $106m in equity funding in total, according to press releases and regulatory filings, most recently securing $12.3m from June to August 2019, including $1.6m from Pacira, in addition to OrbiMed, Quaker Bioventures, HighCape Partners, Signet Healthcare Partners and various Tela executives.
ProMedica supplied $1m in funding in March 2018 through its ProMedica Innovations Venture Fund, adding to a $15m commitment by Pacira Pharmaceuticals in 2017. Signet Healthcare Partners, HighCape Partners, Quaker BioVentures and OrbiMed were all among Tela’s earlier backers.
The company expects to use proceeds from the IPO to hire additional sales and marketing staff to support the continued commercialisation of its products. Money will also go toward research and development efforts.
OrbiMed is Tela’s largest shareholder, with a 34.6% stake. Its other notable investors are Quaker BioVentures (21.2%), Pacira (13.6%), Signet Healthcare Partners (8.2%) and HighCape Partners (5.8%).
Jefferies, Piper Jaffray, Canaccord Genuity and JMP Securities have been appointed as underwriters for the proposed offering, which is set to take place on the Nasdaq Global Market.
