Tela Bio slides on pricing $45 mln equity offering

Aroa Biosurgery

19/04/2023 13:27

** Tela Bio Inc  TELA.O  shares down 8.7% at $9.74 premarket
after medical equipment firm's overnight follow-on prices
    ** Co late Tues sold 4.75 mln shares at $9.50, 10.6%
discount to last sale, raising $45.125 mln for general purposes
    ** Tela has ~19.2 mln shares outstanding for $204 mln market
cap, and ~16.9 mln shares of free float, per Refinitiv
    ** Jefferies, Piper Sandler and Lake Street Capital jt
bookrunners for offering
    ** Last month, co received FDA marketing clearance for its
cosmetic surgery implant product, OviTex PRS
    ** Through Tues close, shares off 7.6% YTD but up ~12% over
the past 12 months
    ** All 5 analysts covering TELA recommend buying the stock
with $18 median PT - Refinitiv
    ** Australia's Aroa Biosurgery  ARX.AX  is Tela's exclusive
contract manufacturer for its OviTex products

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))