Tela Bio of Malvern aims to raise $40 million in an upcoming stock and warrant sale, writes John George for the Philadelphia Business Journal.

The medical technology company is planning on selling 12 million shares of common stock at $2.25 per share along with pre-funded warrants to buy 5.8 million shares of common stock at $2.2499 per warrant.

If underwriters exercise the option to purchase an additional 2.67 million shares in full, the financing amount could grow by as much as $46 million.

Tela Bio, which was founded in 2012 and has 227 employees, plans to use the net proceeds for general corporate purposes, such as sales and marketing, research and development activities, and general and administrative matters, as well as for working capital and capital expenditures.

In the documents that have already been filed with the Securities and Exchange Commission, the company stated that it currently has no “specific plans or commitments” for those funds.

“Our management will have broad discretion over the use of the net proceeds from this offering,” Tela Bio stated.

The company focuses on developing and marketing products for the preservation and restoration of soft tissue.

Read more about Tela Bio’s upcoming stock and warrant sale in the Philadelphia Business Journal.

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