ConforMIS Inc. said it’s closed another massive funding round to support its line of personalized knee implants.
The Burlington, Mass.-based orthopedic device maker said it raised $89 million in a Series E round from several investors, including AGC Equity Partners and Axel Johnson, along with government investment funds from Asia and the UAE.
ConforMIS has now raised about $140 million since 2009.
CEO Philpp Lang told MassDevice that proceeds from the latest round, which closed in October, are slated for the build-out of a direct sales force for its line of personalized knee implants. In addition, Lang told us, the company plans to use a significant amount of the cash to launch new joint replacement products this year.
"We’re very happy that the company is programmed for impressive future growth," he said.
ConforMIS has been successful in raising significant capital in difficult economic times because it’s been able to prove to investors that it’s more than a knee implant maker, Land added.
"When doing the Series D round, there were several patents that had already been issued," he explained. "During the economic meltdown, we talked to a lot of investors, who have a long time horizon, who looked at that and recognized the long-term value that had been created.
“The second aspect is that people recognized, looking at the IP and some of the prototypes we had, that this is not just a knee company. It’s really a platform company," Lang told us. "We have been issued patents for hips, for shoulder, ankle, spine, and there’s clearly the opportunity to do what is so disruptive today in the knee joint, and take it into other joints."
The ConforMIS total knee implants are designed for patients with knee damage from conditions such as osteoarthritis. The implants are individually built using 3D CT scans of the patient’s knee. Software corrects for deformities caused by joint damage and the implants are manufactured at the company’s Massachusetts facility and shipped to the site of the surgery.