Healthcare Industry News: iTotal® CR
News Release - January 30, 2012
ConforMIS Reaches Funding Milestone with $89 Million in Series E FinancingOne of the Largest Fundraises by a Private Healthcare Company in 2011 Will Be Used to Support Commercial Expansion, Manufacturing and R&D
BURLINGTON, Mass.--(Healthcare Sales & Marketing Network)-- Surpassing all previous fundraising rounds, privately-held medical device company ConforMIS, Inc. announced today that it has raised $89 million in a Series E round of funding, with additional funds beyond this amount committed upon meeting certain milestones. The company, which more than doubled its revenues in 2011, will use the funds to support ongoing sales and marketing expansion, R&D investment into new product lines, and build out of manufacturing infrastructure. The investments originated from private-equity funds in the U.S., Europe, Asia and the Middle East. Principal investors in the round include AGC Equity Partners and Axel Johnson, Inc., along with Government Investment Funds from Asia and the UAE.
“ConforMIS’ key objective for Series E funding was to work with investors who focus on high-growth opportunities around the globe and who see the value in funding differentiated technologies in markets with tremendous room for growth,” said Philipp Lang, MD, MBA, Chief Executive Officer and Chairman of the Board of ConforMIS.“ This latest round of financing provides us with the resources to aggressively grow our business and invest in our scale-up. It also provides us with the resources to pursue strategic initiatives in technology and intellectual property expansion.”
Since its founding in 2004, ConforMIS, the fastest growing orthopedic implant company, has built and brought to market the only full line of patient-specific implants and instruments for the treatment of knee osteoarthritis, a $7 billion global market. In 2010, the company launched their second generation personalized partial knee solutions, the iUni® G2 and iDuo® G2. In 2011, ConforMIS received 510(k) clearance from the United States Food and Drug Administration to market the iTotal® CR Knee Replacement System, the first and only patient-specific total knee implant on the market.
“ConforMIS continues to challenge the conventional wisdom associated with traditional total knee replacements through its customized orthopedic implant technologies,” said Michael Milligan, CEO at Axel Johnson, Inc. “We are pleased to be a significant investor in the company given its prospects for substantially altering the industry competitive landscape.”
For more information on ConforMIS 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 300 patents and patent applications in the areas of imaging software, image processing, implant design, surgical techniques, instrumentation, and manufacturing, spanning knee, hip, shoulder, spine, and small joints. 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. In 2011, ConforMIS received the American Technology Award for innovation with its iTotal CR product. Follow ConforMIS on Twitter at @ConforMIS and become a fan on Facebook at www.facebook.com/ConforMIS.
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