Tela Bio raised $7.4 million in a new round of equity financing, according to an SEC filing posted this week.
The company produces Ovitex reinforced bioscaffolds designed for hernia repair or abdominal wall reconstructions. The scaffolds are designed with either permanent polymer or resorbable polymers, and a re a mix of biologic and synthetic materials.
Money in the round comes from 16 unnamed investors, according to an SEC filing, and the Malvern, Pa.-based company has not yet said how it plans to spend funds raised.
The company said the settlement puts to bed all state and federal court cases between the companies and allows it to keep making its OviTex line of reinforced scaffolds for abdominal surgery.
Tela Bio won 510(k) clearance from the FDA last July for the Ovitex portfolio and said it was launched the device immediately after receiving clearance.