Conformis Achieves Significant Funding Milestone with $167.7 Million in Series E Financing
Latest funding to support ongoing commercial expansion of iTotal® G2 rollout, the industry’s only patient-specific total knee implant G2 rollout
Bedford, Mass. – August 2, 2013 – Conformis, Inc., a privately held medical device company pioneering patient-specific orthopedic implants, announced today it has expanded its Series E financing to $167.7 million with participation from top-tier Sovereign Wealth Funds, Government Investment Funds and Private Equity Funds in the U.S., Europe, Asia and the Middle East. Conformis will use the funds to expand its commercialization of the iTotal® G2 total knee replacement system in the U.S. and abroad, advance its manufacturing capabilities and invest in new market opportunities.
“With this round of financing, Conformis is well positioned to scale up our operations as we see great demand for our patient-specific knee implants,” said Philipp Lang, M.D., CEO of Conformis. “We believe that our technology has the potential to revolutionize the orthopedics industry and we see the knee as only the first application of our proprietary iFit® image-to-implant platform. In addition, this funding provides the resources to pursue several strategic initiatives.”
Since its founding in 2004, Conformis has been one of the fastest growing orthopedic companies on the strength of its patient-specific total and partial knee replacement systems. Conformis uses its iFit technology to design knee implants and instrumentation for each individual patient, a key difference from off-the-shelf standard implants used for decades that come in a limited range of sizes. By manufacturing implants designed to match each patient’s unique size and shape, the company is addressing many of the primary causes of patient dissatisfaction common with traditional off-the-shelf total knee replacements. Sources of dissatisfaction with off-the-shelf implants include pain as a result of improper implant fit and functional limitations due to altered kinematics.
The company’s patient-specific approach also includes a just-in-time delivery model that is unique in orthopedics, with a small sterile kit that contains the implants and disposable instruments for the procedure. This results in reduced hospital inventory management, lower sterilization costs and faster operating room set up and turnover. This contrasts with off-the-shelf implants that are stored locally at the hospital and come with six to eight trays of instruments that must be re-sterilized before each procedure.
For more information on Conformis visit conformis.com.
About Conformis, Inc.
Conformis, Inc. is a privately-held medical device company that is pioneering a patient-specific approach to orthopedic implants and instrumentation. Its proprietary technology is supported by more than 375 patents and patent applications in the areas of image processing, patient-specific implant systems, patient-specific surgical techniques, patient-specific instrumentation, and manufacturing across multiple joints. Conformis’ award winning solutions, the iUni® G2, iDuo® G2 and iTotal® G2, offer a personalized approach to knee replacement with unique benefits over traditional off-the-shelf implants. All devices have been cleared by the U.S. FDA for marketing in the US and CE Marked in Europe. Follow @Conformis and become a fan on Facebook.