TELA Bio ^{Priced, Nasdaq: TELA}

Markets tissue reinforcement matrices designed to improve clinical outcomes of hernia repair, abdominal wall reconstruction and plastic and reconstructive surgery. Its matrices integrate multiple layers of minimally-processed biologic material (bovine rumen) with interwoven polymers and have been implanted in 6,500 patients in the US since 2016. A study of the first 32 patients receiving OviTex produced no hernia recurrences. OviTex LPR for laparoscopic and robotic-assisted surgery, was launched in November 2018. The OviTex PRS was approved for plastic and reconstructive surgery in April 2019; OviTex products are sold to 200 hospitals. Markets through a 33-person direct sales force in the US and two representatives in Europe. Plans to expand the sales force to cover the 500 hospitals in the US that do the majority of soft tissue reconstruction surgeries. Plans to pursue contracts with large group purchasing organizations. Has an exclusive, long-term manufacturing and supply agreement with Aroa Biosurgery, which also granted the license for all OviTex products. TELA Bio purchases product from Aroa at a fixed cost equal to 27% of net sales of the licensed products. All products are manufactured by Aroa at their Auckland, New Zealand facility.