ConforMIS Gains More than Expected in Series E Financing

Burlington, Mass.-based ConforMIS Inc. got more than hoped for in its latest round of financing. With participation from Sovereign Wealth Funds, Government Investment Funds and Private Equity Funds in the United States, Europe, Asia and the Middle East, the company has expanded its series E financing to $167.7 million. ConforMIS will use the funds to pack a bigger commercialization punch for the iTotal G2 total knee replacement system in the United States and abroad, advance its manufacturing capabilities and invest in new market opportunities.

ConforMIS’ previous round of financing, completed in 2009, raised $50 million. The company has raised a total of $308 million since its founding in 2004.

“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.”

ConforMIS uses its iFit technology to design knee implants and instrumentation for each individual patient. Customization is ConforMIS’ answer to the common problem of pain from the improper fit and functional limitations of standard, off-the-shelf sizes. The patient-specific approach from ConforMIS also includes a “just-in-time” delivery model with a small kit that contains the implants and disposable instruments for the procedure. This approach reduces the need for hospital inventory management, lower sterilization costs and faster operating room set up and turnover. Off-the-shelf implants are stored locally at the hospital and come with six to eight trays of instruments that must be re-sterilized before each procedure.

ConforMIS specializes in a patient-specific approach to orthopedic implants and instrumentation.