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Tela Bio plans Nasdaq IPO to fund product development

Tela Bio Inc. is planning an IPO to list its shares on the Nasdaq Global Market under the symbol TELA.

The Malvern, Pa.-based biotechnology company develops solutions for soft tissue repair and healing.

The company plans to use proceeds to hire additional sales and marketing personnel, expand marketing activities as well as fund product development and research activities. The remaining funds will be used for working capital and general corporate purposes.

Antony Koblish is president and CEO of Tela Bio.

Asset management companies OrbiMed Pvt. Investments IV LP and Quaker BioVentures Fund II L.P. own a 34.6% and 21.2% stake, respectively, in Tela Bio.

Jefferies LLC and Piper Jaffray & Co. are joint book-running managers for the offering. Canaccord Genuity LLC and JMP Securities LLC are the lead manager and co-manager for the IPO, respectively.