ConforMIS will use $89 million in newly raised investor financing to fuel the commercial launch and manufacturing of its new iTotal total knee replacement system.
The Burlington, MA-based company will also spend some of the Series E funding to develop implants for an as yet unnamed additional joint, Xconomy reports.
Plans call, in part, for beefing up the company's U.S. and international sales force for the total knee replacement implant, which CEO Philipp Lang claims is the first of its kind. The FDA approved the product last year. And in a win for growing jobs locally, the company said it hopes to manufacture the knees in-house and is looking for a Massachusetts site at which to build the product. Plans call for "significantly" adding to the company's 200-employee base in the Bay state in order to support the expansion, Lang told Xconomy.
ConforMIS drew the latest investment round from a variety of sources, including London's AGC Equity Partners, New York's Axel Johnson, government funds in Asia and the United Arab Emirates, plus private equity funds from the U.S., Europe, Asia and the Middle East. Many of the backers participated in a $50 million Series D financing in 2009, according to the report.
- Read the Xconomy story
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