Knee Replacement Manufacturer Conformis to Expand Using MassDevelopment Technology
MassDevelopment has provided a $1,445,000 loan from the Emerging Technology Fund to Burlington’s Conformis, Inc., a privately held medical device company that is pioneering new types of implants used in orthopedics. Conformis uses computed tomography scans and proprietary computer aided design technology to create customized knee implant solutions for each patient. This customized approach also allows for a highly efficient just-in-time delivery model that takes full advantage of manufacturing innovations such as 3D printing.
Conformis will use loan proceeds to purchase multiple pieces of fabrication equipment and instruments used in its Massachusetts-based manufacturing operations.
At the end of 2010, the company moved to a larger facility to accommodate its aggressive growth and manufacturing expansion. With the recent 510(k) clearance from the U.S. Food and Drug Administration for the iTotal® CR, the only patient-specific total knee implant cleared for sale in the US, the company expects to accelerate its rapid growth.
“With this new technology, Conformis will be able to provide knee replacements to those who are underserved by current designs,” said MassDevelopment President and CEO Marty Jones. “The Emerging Technology Fund helps companies that are starting or expanding manufacturing in Massachusetts, and this project is a triple play: boosting production, creating jobs, and serving the health needs of the Commonwealth.”
“The loan from MassDevelopment will further support the expansion of our supply chain and manufacturing presence, which is critical to our competitiveness within the orthopedics industry,” said Dr. Philipp Lang, MD, CEO of Conformis. “Ultimately, the loan will help Conformis push the orthopedics industry toward a more efficient and more personalized approach to osteoarthritis treatment, and ultimately to enhance patients’ quality of life.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.
About Conformis, Inc.
Conformis, Inc. is a privately-held company that develops and commercializes orthopedic devices for the treatment of musculoskeletal disorders. Its 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, spanning multiple joints. To date, Conformis has commercialized a line of US FDA cleared knee implant systems designed to address all stages of osteoarthritis, the most common reason for knee replacement surgery.
Conformis Announces FDA Clearance and Full Commercial Launch of Next Generation Hip System at the 2019 AAHKS Conference
Designed to enhance operational efficiency for the surgeon, the Conformis Hip System is the most advanced, patient-conforming hip replacement system
Conformis and Stryker Execute Development, License and Distribution Agreements
Deal to Cover Patient-Specific Instrumentation Used in Knee Arthroplasty BILLERICA, Mass., Oct. 01, 2019 (GLOBE NEWSWIRE) — Conformis, Inc. (NASDAQ: CFMS), a medical technology