Philipp Lang has ConforMIS looking to get a leg up on the knee replacement industry.
Last week, the Burlington, Mass.-based orthopedic implant maker said it raised $89 million in a Series E round from several investors, bringing the total nut raised by ConforMIS over the last 3 years to more than $140 million – a somewhat remarkable amount, given the fundraising climate over the past few years.
Most of the new funding is earmarked for the build-out of a direct sales force for the company’s personalized knee implant technology. Those 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.
ConforMIS is looking to give other knee implant makers, such as Smith & Nephew (NYSE:SNN) and Stryker Corp. (NYSE:SYK), fits in the highly competitive knee implant industry. Lang told MassDevice recently that the company has a broader vision for competing in the market for other joint replacements, some as soon as this year.
“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.”
In this exclusive podcast with MassDevice, Lang lays out his vision and gives us an idea as to what makes the company’s customizable knee implant different than the competition.