UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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| Item 8.01 | Other Events. |
On March 15, 2024, TELA Bio, Inc. (the “Company”) completed the sale of its distribution rights to its NIVIS® Fibrillar Collagen Pack (“NIVIS”) to MiMedx Group, Inc. (“MiMedx”) in exchange for an initial $5.0 million payment and additional future payments aggregating between a minimum of $3.0 million and a maximum of $7.0 million based on net sales of NIVIS over the next two years.
On March 20, 2024, the Company issued a press release announcing the sale of its distribution rights to NIVIS to MiMedx. A copy of this press release is filed as Exhibit 99.1 hereto and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibits are being furnished herewith:
| Exhibit No. | Document | |
| 99.1 | Press Release of TELA Bio, Inc., dated March 20, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TELA BIO, INC. | ||
| By: | /s/ Antony Koblish | |
| Name: | Antony Koblish | |
| Title: | President, Chief Executive Officer and Director | |
Date: March 20, 2024
Exhibit 99.1
TELA Bio Announces Sale of Distribution Rights for Wound Care Product to MIMEDX
TELA Bio to receive at least $8 million and up to $12 million in total consideration.
MALVERN, Pa., March 20, 2024 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (NASDAQ: TELA), a commercial-stage medical technology company focused on providing innovative soft-tissue reconstruction solutions, today announced the sale of its distribution rights related to NIVIS Fibrillar Collagen Pack to Atlanta-based MiMedx Group, Inc. (“MIMEDX”). As consideration for the sale, MIMEDX will make an initial $5.0 million payment and additional future payments aggregating between a minimum of $3.0 million and a maximum of $7.0 million based on net sales of NIVIS over the next two years.
NIVIS is an absorbent collagen matrix indicated for the management of moderately to heavily exudating wounds and to control minor bleeding. MIMEDX is a pioneer and leader focused on helping humans heal, with a portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare.
“We are pleased to announce this transaction with MIMEDX. We are confident in MIMEDX’s capabilities and in their ability to drive market share and bring this innovative, high-quality wound healing product, which was designed to TELA’s specifications, to more surgeons and patients,” said Antony Koblish, President and Chief Executive Officer of TELA Bio. “We look forward to continuing to expand the use of our robust portfolio of hernia repair and reconstructive surgery products, including two new LIQUIFIXTM hernia mesh fixation devices and new product configurations of OviTex® Reinforced Tissue Matrix designed to enhance utility in inguinal hernia repairs performed robotically and laparoscopically.”
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 the sale of NIVIS and the total consideration relating to such sale. 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. 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.
Investor Contact
Greg Chodaczek
347-620-7010
ir@telabio.com