Conformis Raises $50 Million from Global Investors
Burlington, Mass. – July 13, 2009 – In its largest round of funding to date, privately-held medical-device company Conformis, Inc. raised $50 million from private-equity and sovereign-wealth funds in the U.S. Asia, Europe and the Middle East. Conformis reached this milestone in June, in a process that began in 2008.
“With this round of funding, we believe we are well positioned to continue investing in our breakthrough, patient-specific orthopedic implant technologies. Our technology platforms provide a scalable approach to the patient-specific design and manufacture of not just the instruments, but the actual implants as well,” said Philipp Lang, MD, Chief Executive Officer and Chairman of the Board of Conformis. “With our personalized approach to both the implants and instruments, we think the potential for product and business model innovation is substantial.”
Founded in 2004, Conformis has developed and commercialized the first and only line of personalized resurfacing implants and instruments for the routine treatment of knee osteoarthritis, a $6 billion global market. Conformis implants are a less-invasive, patient-specific alternative to traditional total knee replacement, which uses off-the-shelf components that may require significant removal of healthy tissue during the procedure. Conformis custom-designs and manufactures each implant from an individual’s CT or MRI scan, providing a conforming fit that matches the patient’s anatomy and may potentially result in less traumatic surgery, more natural kinematics, and quicker recovery.
On the strength of this unique approach, Conformis attracted capital sources from a variety of global investors. Primary funding sources for this round include later-stage and cross-over funds and international government funds. Conformis is now backed by several multi-billlion dollar international private-equity funds, with the single largest Series D investor being Aeris Capital (Zurich, Switzerland and Palo Alto, CA). Other investors in this round include equity funds from Asia, German, and the Middle East, including two sovereign-wealth funds, as well as venture funds who participated in previous rounds.
Conformis’ proprietary technology for custom implants and instruments is supported by more than 250 patents and patent applications, including several foundational patents awarded this year. It’s technology and intellectual property apply not just to knee replacement, the largest single category of orthopedics, but broadly to the over $20 billion dollar global orthopedics market.
Conformis recently announced that it has received CE Mark certification for its iDuo® bicompartmental knee resurfacing system. The company had previously received CE Mark for its iForma® implant and its iUni® unicompartmental knee resurfacing system. All devices have been cleared by the US Food and Drug Administration for marketing in the US. For more information on Conformis and its line of products, please visit www.conformis.com.
About Conformis, Inc.
Conformis, Inc. is a privately-held company that develops and commercializes medical devices for osteoarthritis treatment and joint damage. Its proprietary intellectual property includes more than 250 patents and patent applications in the areas of imaging software, image processing, implant design, surgical techniques, instrumentation, and manufacturing. Conformis knee implants and instrumentation are designed to address all stages of osteoarthritis, the most common reason for knee replacement surgery. All devices have been cleared by the US Food and Drug Administration for marketing in the US. In 2009, Conformis was named a winner of the Medical Design Excellence Awards, the premier recognition for contributions and advances in the design of medical products, for its iUni and iDuo resurfacing implants.
New Clinical Study Finds Bilateral Knee Patients Prefer Conformis’ Fully Personalized Solution Over Competitive Off-the-Shelf Implants by a Factor of Over 10 to 1
Study included only patients with a fully personalized Conformis implant in one knee after previously receiving a competitive off-the-shelf implant
Conformis iTotal® CR Knee Replacement System Awarded “7A” Performance Rating from the U.K.’s Orthopaedic Data Evaluation Panel
Independently verified assessment of the performance of the fully personalized iTotal CR system over a 7-year period confirms that it meets the panel’s demanding standards