ConforMIS Secures $33 Million in Financing to Advance Custom 3D-Printed Joint Implants

VCBeat (WeChat ID: vcbeat) has learned that on June 26, 2019, medical device company ConforMIS completed a $33 million financing round. This financing consisted of $30 million in debt financing from Innovatus Capital Partners and East West Bank, as well as $3 million in equity financing.

Of this, the $30 million in debt financing is divided into two parts: a $20 million term loan with a four-year tenure, and a $10 million credit facility.

ConforMIS stated that a portion of the funds would be used to repay a $15 million term loan provided by Oxford Finance, with the remainder allocated to support the company’s day-to-day operations.

ConforMIS was founded by Philipp Lang, M.D., in 2004 and is headquartered in Burlington, Massachusetts, USA. The company is dedicated to developing, manufacturing, and marketing patient-specific knee replacement implants using 3D printing technology.

iFit is ConforMIS’s proprietary technology platform. Implants manufactured using this platform offer greater stability and a superior fit to the patient’s joint anatomy, while reducing the risk of cross-infection associated with the reuse of surgical instruments. These advantages are irreplaceable compared to standardized, mass-produced joint replacement implants.

“We are delighted to have the support of Innovatus Capital Partners and East West Bank, both of which bring deep expertise in healthcare and strong influence in the life sciences sector,” said Paul Weiner, Chief Financial Officer of ConforMIS. “The company will leverage this financing to further advance the commercialization of its products and continue providing high-quality implants to patients and orthopedic surgeons.”

A Director and Managing Partner at Innovatus Capital Partners stated, “ConforMIS’s proprietary iFit technology platform enables the customization of patient-specific joint replacement implants, promising to address the shortcomings of traditional total knee arthroplasty and helping ConforMIS secure a strong position in the $18 billion global orthopedic market. By supporting ConforMIS, we aim to provide patients with better implants while reducing healthcare costs.”

Innovatus Capital Partners, headquartered in New York, USA, is an independent registered investment advisor and portfolio management firm.

Headquartered in California, USA, East West Bank is a wholly-owned subsidiary of East West Bancorp and one of the largest independent commercial banks in the United States. The bank has established full-service branches in Hong Kong, as well as representative offices in Beijing, Shanghai, and Shenzhen.

(Compiled by Jiao Yanli)