Malvern-based TELA Bio, a commercial-stage medical technology company, announced that Chief Operating Officer and Chief Financial Officer Roberto Cuca resigned on Monday.
“Over the last month, we have conducted a comprehensive review of our business and corporate infrastructure to identify opportunities to operate more efficiently,” TELA Bio CEO Heather Getz said. “As a result, we have taken actions to reduce our annual operating expenses by approximately $17.0 million across the organization. These savings will be driven by a targeted headcount reduction of approximately 20% and the streamlining of external resources, while preserving our ability to invest in our core growth priorities and product innovation. We are focused on disciplined execution, strengthening the business, and creating a more efficient organization positioned to deliver sustainable long-term growth and expect this initiative to extend our cash runway into 2028.”
During the third quarter, the company anticipates a one-time restructuring charge of approximately $1.5 million related to severance and other employee-related costs. It will provide additional details and commentary regarding the cost reduction initiatives during an earnings call planned for early November.
TELA Bio is focused on technologies that optimize clinical outcomes by prioritizing the preservation and restoration of the patient’s own anatomy. It provides surgeons with advanced, economically effective soft-tissue reconstruction solutions that use a patient’s natural healing response while minimizing long-term exposure to permanent synthetic materials.