TELA Bio Awarded Synthetic Bioabsorbable Mesh Products Agreement with Premier, Inc.

Rhea-AI Summary

TELA Bio, Inc. (NASDAQ: TELA) announced a group purchasing agreement with Premier, Inc. for its Synthetic Bioabsorbable Mesh Products, effective October 1, 2022. This agreement enables approximately 4,400 U.S. hospitals and 225,000 providers to access special pricing on TELA's OviTex® and OviTex PRS Reinforced Tissue Matrix products, which focus on innovative soft-tissue reconstruction solutions. TELA's President, Antony Koblish, emphasized the significance of this agreement in enhancing access to advanced surgical solutions for surgeons and patients.

Positive

• Awarded a group purchasing agreement with Premier, enhancing market access.
• Premier's network includes 4,400 U.S. hospitals and 225,000 providers.
• Access to special pricing on OviTex products may drive increased sales.

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• None.

MALVERN, Pa., July 20, 2022 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (“TELA”), a commercial-stage medical technology company focused on providing innovative soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation and restoration of the patient’s own anatomy, today announced that it has been awarded a group purchasing agreement for Synthetic Bioabsorbable Mesh Products with Premier, Inc. Effective October 1^st, 2022, the new agreement allows Premier members, at their discretion, to take advantage of special pricing and terms pre-negotiated by Premier for OviTex^® and OviTex PRS Reinforced Tissue Matrix.

Premier (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of approximately 4,400 U.S. hospitals and 225,000 other providers and organizations to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and consulting and other services, Premier enables better care and outcomes at a lower cost.

“We are both grateful and honored to be awarded this important agreement,” said Antony Koblish, President and CEO of TELA Bio. “This is a significant opportunity for our company, and we look forward to working with Premier members to provide their surgeons and patients with access to our advanced soft-tissue repair portfolio.”

OviTex and OviTex PRS Reinforced Tissue Matrix are a next generation soft tissue repair platform for use in general, plastic and reconstructive surgery. OviTex utilizes layers of naturally sourced tissue interwoven with permanent or resorbable polymer suture to facilitate tissue remodeling, optimize strength, and minimize permanent synthetic foreign body footprint. To learn more, please visit www.telabio.com/ovitex.html.

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. 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 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.

CONTACT:

TELA Bio Contact
Greg Firestone
Vice President, Strategic Customer Relations
224-612-0792
gfirestone@telabio.com

Media Contact
Alyson Kuritz
908-892-7149
alyson@0to5.com

Investor Contact
Greg Chodaczek
332-895-3230
ir@telabio.com

FAQ

What is the TELA Bio and Premier agreement about?

TELA Bio has secured a purchasing agreement with Premier for their Synthetic Bioabsorbable Mesh Products.

When does the TELA Bio and Premier agreement take effect?

The agreement will be effective starting October 1, 2022.

What products are included in the TELA Bio and Premier agreement?

The agreement includes TELA's OviTex® and OviTex PRS Reinforced Tissue Matrix products.

How many hospitals and providers are part of Premier's network?

Premier's network consists of approximately 4,400 U.S. hospitals and 225,000 other providers.

What are the expected benefits of TELA Bio's agreement with Premier?

The agreement is expected to enhance access to TELA's innovative surgical solutions through special pricing.