Conformis (NSDQ:CFMS) announced today that it closed an underwriting agreement to sell common stock worth approximately $79.6 million.
The offering made by the Billerica, Mass.-based company includes the sale of nearly 81 million shares of common stock at a public offering price of $1.05 per share, bringing the expected net proceeds to approximately $79.6 million, according to a news release.
Conformis plans to use the net proceeds for general corporate purposes, which could include R&D costs, sales & marketing costs, clinical studies, manufacturing development, the acquisition or licensing of other businesses or technologies, the repayment and refinancing of debt, working capital and/or other capital expenditures.
The company develops orthopedic implants, including replacement joints and patient-specific instrumentation. The company most recently launched its FDA-cleared Cordera Match hip system in the U.S.
