TELA Bio Announces Inducement Grants Under Nasdaq Listing Rule 5635
December 12, 2022 at 10:08 am EST
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TELA Bio Inc. ('TELA Bio') (NASDAQ: 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 the Compensation Committee of the Board of Directors of TELA Bio approved inducement grants of stock options to purchase an aggregate of 15,450 shares of its common stock to 8 newly-hired employees, with a grant date of December 7, 2022 (the 'Grant Date').
The stock options were granted pursuant to the Nasdaq Rule 5635(4) inducement grant exception as a component of each individual's employment compensation and were granted as an inducement material to his or her acceptance of employment with TELA Bio.
The stock options have an exercise price equal to $9.58 per share, the closing price of TELA Bio's common stock as reported on the Nasdaq Global Market on the Grant Date. The stock options have a ten-year term and vest over four years, with 25% of the shares underlying the stock option vesting on the first anniversary of the Grant Date and the remaining 75% of the shares vesting in equal monthly installments over 36 months thereafter, subject to each individual's continued service with TELA Bio through the applicable vesting dates.
AboutTELABio,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.
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 Bio'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 Bio 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.
TELA Bio, Inc. is a commercial-stage medical technology company. The Company is focused on providing soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation and restoration of the patientâs own anatomy. Its first portfolio of products, the OviTex Reinforced Tissue Matrix (OviTex), addresses unmet needs in hernia repair and abdominal wall reconstruction. Its OviTex portfolio consists of multiple product configurations intended to address various surgical procedures within hernia repair and abdominal wall reconstruction, including ventral, inguinal, and hiatal hernia repair. The Company's OviTex products include OviTex 1S, OviTex 2S, and OviTex LPR. Its second portfolio of products, the OviTex PRS Reinforced Tissue Matrix (OviTex PRS), addresses unmet needs in plastic and reconstructive surgery. OviTex PRS is indicated for use in implantation to reinforce soft tissue where weakness exists in patients requiring soft-tissue repair.