ConforMIS Inc. is on a roll the announcement that it secured a $1.4 million loan from MassDevelopment’s Emerging Technology Fund.
The loan will go toward growing the Burlington, Mass.-based company’s supply chain and manufacturing capacity for its iTotal customized knee replacement system.
"With this new technology, ConforMIS will be able to provide knee replacements to those who are underserved by current designs," said MassDevelopment president & CEO Marty Jones in the release. "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 good news just keeps coming for the company, which just announced that the iTotal system won CE Mark approval for the European Union and that the first successful surgeries with the customized knee replacement device took place last month.
The iTotal system won 510(k) clearance from the Food & Drug Administration in February.
"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, 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."
Here’s a roundup of other dealflow and investment news:
- Circle Cardiovascular pulls in $3.9 million
Circle Cardiovascular Imaging Inc. raised $3.9 million financing round, led by the Business Development Bank of Canada.
The funds will go to advancing the Calgary, Canada-based company’s cardiovascular imaging software suite.
- CSA Medical lands $12.6 million in series A
CSA Medical Inc. announced that it closed its oversubscribed $12.6 million series A preferred stock financing round with the addition of financing from Blue Heron Capital. The funds will go toward addressing customer demands as well as the launch of the company’s new platform technology which uses extremely cold liquid nitrogen to provide targeted treatment of diseased tissue inside the body.
- Parexel secures $400 million revolving credit facility
Parexel International Corp. (NSDQ:PRXL) filed for a $400 million revolving credit facility and five-year term loan, plus an additional $100 million subject to certain conditions. The funds will go toward repayment of Parexel’s existing loan arrangements, for stock repurchasing, and for general corporate purposes. The Waltham, Mass.-based company cut 300 jobs last month.
- EpiEP pulls in $1.4 million
Connecticut Innovations portfolio company EpiEP Inc. pulled in $1.4 million of a $1.5 million financing round. The company develops devices for the treatment of cardiac arrhythmias.
- SurgiQuest raises $19 million
SurgiQuest Inc. drummed up $19 million from new and existing investors, lead by River Cities Capital Funds of Cincinnati, Ohio, and followed by Fletcher Spaght Ventures of Boston, Mass. The Orange, Conn.-based device maker is developing technology for laparoscopic procedures that’s designed remove electrosurgical smoke and keep endoscopic imaging instruments’ field of vision clear.
- Generex sells $2.6 million in series A stock
Generex Biotechnology Corp. (OTC:GNBT) announced that it entered into an agreement to sell 2,575 shares of the company’s newly designated non-voting series A 9% convertible preferred stock and warrants in a deal estimated at nearly $2.6 million.