TELA Bio, the Malvern-based commercial stage medical technology company, has filed an S-1 statement with the Securities and Exchange Commission ahead of a planned $69-million IPO.
The company is working to transform the soft tissue reconstruction market and making natural repair solutions more accessible to patients. It’s OviTex product is a reinforced biologic device, was designed in collaboration with surgeons and healthcare providers to address the unmet clinical and financial needs in hernia repair and abdominal wall reconstruction.
According to its filing, the company’s revenue to date has been generated by the sale of its OviTex products. Revenue for the years ended December 31, 2017 and 2018 was $4.2 million and $8.3 million, respectively, an increase of $4 million, or 95 percent in the year ended December 31, 2018 as compared to the year ended December 31, 2017. Net loss decreased from $21.3 million in the year ended December 31, 2017 to $21.1 million in the year ended December 31, 2018.
