TELA Bio Awarded Biosynthetic Mesh Products Agreement with a National Group Purchasing Organization
MALVERN, PA February 14th, 2023 –TELA Bio, Inc. (NASDAQ: TELA), a commercial-stage medical technology company focused on providing innovative technologies that optimize clinical outcomes by prioritizing the preservation and restoration of the patient’s own anatomy, today announced a three-year dual-source agreement in the biosynthetic category with one of the Nation’s group purchasing organizations (GPO).
The agreement, which runs through January 1, 2026, offers sizable growth opportunity over the contract period and provides their GPO members access to substantial cost savings and clinical differentiation.
“I am excited to start the year by adding the OviTex Reinforced Tissue Matrix portfolio to yet another national GPO,” said Antony Koblish, President and CEO of TELA Bio. “Delivering high quality, proven solutions at a price point that assists clinicians and administrators in achieving their goals has been a foundational mission at TELA Bio.”
OviTex Reinforced Tissue Matrix is a next-generation soft tissue repair platform for use in hernia repair, abdominal wall reconstruction, and plastic and reconstructive surgery. OviTex utilizes layers of naturally sourced tissue interwoven with permanent or resorbable polymer sutures to facilitate tissue remodeling, optimize strength, and minimize permanent synthetic foreign body footprint. To learn more, please visit www.ovitex.com.
About TELA Bio, Inc.
TELA Bio, Inc. (NASDAQ: TELA) is a commercial-stage medical technology company focused on providing innovative technologies that optimize clinical outcomes by prioritizing the preservation and restoration of the patient’s own anatomy. The Company is committed to providing surgeons with advanced, economically effective soft-tissue reconstruction solutions that leverage the patient’s natural healing response while minimizing long-term exposure to permanent synthetic materials. For more information, visit www.telabio.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations are forward-looking statements and reflect the current beliefs of TELA's management, including with respect to expanded GPO access. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors that could cause actual results and events to differ materially and adversely from those indicated by such forward-looking statements including, among others, our ability to gain market acceptance for our products and to accurately forecast and meet customer demand, development and manufacturing problems, and capacity constraints or delays in production of our products. These and other risks and uncertainties are described more fully in the "Risk Factors" section and elsewhere in our filings with the Securities and Exchange Commission and available at www.sec.gov, including in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statements that we make in this announcement speak only as of the date of this press release, and TELA assumes no obligation to update forward-looking statements whether as a result of new information, future events or otherwise after the date of this press release, except as required under applicable law.