Pacira Pharmaceuticals has signed on to invest up to $25 million in TELA Bio, which markets a range of surgical scaffolds for the repair of abdominal hernias and reconstruction of the abdominal wall.
Specifically, the new injection of funds will boost the Malvern, Pennsylvania-based company’s clinical and commercial efforts in these two indications, said TELA CEO Antony Koblish in a statement.
“We also look forward to developing new OviTex products purposely designed for additional soft tissue procedures such as breast reconstruction,” Koblish said.
The OviTex suite of products includes reinforced bioscaffolds of varying sizes and thicknesses. They comprise biologic and synthetic materials in an embroidered construction that allows fluid and cells to move freely through it, the company says.
Under the agreement, Pacira will invest $15 million upfront, with another $10 million up for grabs if TELA meets certain performance thresholds.
“We believe the OviTex platform is a highly innovative and differentiated solution that is positioned to emerge as a leading surgical mesh that synergistically blends the strength of a synthetic with the regenerative properties of a biologic,” said Dave Stack, chairman and chief executive officer of Pacira Pharmaceuticals, in the statement. “Given the strong commercial overlap in soft tissue procedures between our two organizations, we look forward to identifying ways to further collaborate with TELA Bio over time.”