Conformis announces $10 Million Senior Debt Financing with Merrill Lynch Capital
LEXINGTON , MA , USA – August 6, 2007 – Conformis, an innovative medical device company dedicated to developing and marketing patient-specific orthopedic implants, today announced the completion of a $10 million senior debt facility with Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services.
The $10 million debt facility will be used to support the growth of the business in preparation for a mezzanine round of financing. Proceeds from the debt facility will be used to expand the commercialization infrastructure, including expansion of the product design and manufacturing capabilities as well as the sales force.
“This credit facility will provide Conformis with increased financial flexibility to accelerate the commercialization of our family of patient-specific knee implants, while at the same time permitting the continued development of our expanding R&D product pipeline,” said Patrick Hess, CEO of Conformis.
Philipp Lang, Chairman of the Board of Conformis, said: “We believe this facility is an attractive way to finance the Company’s growth at an attractive cost of capital and with minimal dilution to our existing shareholders.”
About Conformis, Inc.
Conformis is a privately held medical device company whose mission is to provide best-in-class, minimally invasive implants for orthopedics and sports medicine through the use of its proprietary iFit Technology™. The iFit Technology is a patent-protected, software-enabled process for converting CT and MR imaging data into personalized, patient-specific implants. This ‘image-to-implant’ technology allows for precisely sized and shaped implants that reduce or eliminate the need for cartilage or bone resection and radically simplify the surgical procedure.
With over 100 allowed and pending patent applications, Conformis has developed a portfolio of diverse, integrated intellectual property spanning multiple aspects of orthopedics. To date, the company has developed a comprehensive line of minimally invasive bone and cartilage preserving knee implants for all stages of osteoarthritis. For more information please visit www.conformis.com.
About Merrill Lynch Capital
Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc., is a leading commercial finance business providing a broad range of structured financing solutions to middle market companies nationwide. The Healthcare Finance Group of Merrill Lynch Capital provides senior financing solutions for middle market healthcare companies, offering cash flow, asset, life sciences related and real estate based credit facilities and junior secured debt, and equity co-investments. Merrill Lynch Capital is an affiliate of Merrill Lynch Bank USA . For more information, please visit www.mlcapital.com.