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ConforMIS Garners $50 Million
It’s “iTotally” wonderful…Celebrating its largest round of funding yet, ConforMIS, maker of the iDuo and iTotal knee products, has raised a glass in honor of its recent $50 million from private-equity and sovereign-wealth funds in the U.S., Asia, Europe, and the Middle East.
“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 Dr. Philipp Lang in the news release. The CEO and Chairman of the Board of ConforMIS, Dr. Lang added, “With our personalized approach to both the implants and instruments, we think the potential for product and business model innovation is substantial.”
As for the business model innovation, Dr. Lang commented to OTW, “With ConforMIS’ technology all components of the system are made for one-time use. This patient-specific approach to orthopedics creates significant opportunities for business model innovation, by introducing manufacturing technologies that have previously not been used in orthopedic manufacturing and creating a just-in-time (JIT) delivery system to the hospital. Through manufacturing redesign, we are able to employ rapid prototyping technologies that are ideally suited for cost-effective small run production of implants and instruments. This radically reduces the inventory and capital requirements to run the business, while also creating opportunities to introduce product improvements more quickly. Finally, the JIT approach creates efficiencies in the delivery and management of the system that benefit the hospitals as well.”
Specializing in personalized resurfacing implants and instruments for the routine treatment of knee osteoarthritis, ConforMIS indicates that its implants are a less-invasive alternative to traditional total knee replacement, which uses off-the-shelf components that may require significant removal of healthy tissue during the procedure.
ConforMIS, which has just received CE Mark certification for its iDuo bicompartmental knee resurfacing system, has more than 250 patents and patent applications, including several foundational patents awarded this year. 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 FDA marketing in the U.S.
Regarding how the funds will be divided amongst company projects/goals, Dr. Lang told OTW, “This funding enables us to pursue three key priorities in our business plan. First, we will continue building our commercial presence, including expanding our U.S. sales force and our presence outside the U.S. Second, this funding allows us to invest in our manufacturing platforms to support volume growth and the incorporation of new technologies to reduce cost and lead time. Finally, these funds will support the successful product launch of the iTotal platform.”