Tela Bio Inc (NASDAQ: TELA) went public on the 13th of November at an offer price of $13. The stock offer was for 4 million of the company’s common stock. From the stock sale, the company made a gross of $52 million. After the sale, the company granted underwriters a month’s option to buy an additional 600k shares at the IPO price.
The IPO was run by Jefferies LLC and Piper Jaffray & Co. The two companies were the book-running managers for the deal. The lead team for the process was Canaccord Genuity LLC.
Telo Bio recently announced on November 13, 2019, that the company appointed Federica F. O’Brien to the Company’s Board of Directors, bringing Tela Bio’s total number of directors to eight. Ms. O’Brien was also been appointed chairperson of the audit committee for Tela Bio.
Since going public, this stock has been on an upward trajectory. In Friday’s session, it was up by 15.19% to close the day at $13.80. In the day, it was trading between $11.98 and $13.86. Volumes in the day stood at 61,256, while aggregate volumes since it started trading stand at 162,620. Since it went public, it has been trading between $10.78 and $15.05.
About Tela Bio Inc
Tela Bio Inc is a medical technology company. It focuses on the design, development, and marketing of tissue reinforcement materials. The goal of the company’s products is to fill the gap in soft tissue reconstruction. Its products put together a wide range of biologic materials that have interwoven polymers for tissue reinforcement. As at the time of listing, the company had over 6500 patients using its products and none had reported any issues that could be linked to SiTime’s products.
The company’s leading products called OviTex have a 501 (k) clearance from the FDA, and the clearance is held by Aroa Biosurgery. In a study that involved 32 patients using this product, none of them recorded ventral hernia recurrence that would necessitate surgery. The company that is headed by Anthony Koblish, has its headquarters in Malvern, Pennsylvania.