Orthopedic implant maker ConforMIS disclosed that it has expanded--and come close to doubling--its Series E financing to a whopping $167.7 million. Plans call for using the money to beef up manufacturing for its iTotal knee replacement system, accelerate U.S. and global marketing and also pursue several not-yet-announced "strategic initiatives."
Back in January 2012, the company reported its Series E round hit the $89 million mark. But a quest to raise additional funding since then has clearly mushroomed. For the expanded Series E, "top tier" sovereign wealth funds, government investment funds and private equity funds in the U.S., Europe, Asia and the Middle East joined in, according to the company.
ConforMIS declined to comment on the new funding, or detail which funds were involved, but issued a formal announcement acknowledging the expanded Series E.
"With this round of financing, ConforMIS is well positioned to scale up our operations as we see great demand for our patient-specific knee implants," CEO Philipp Lang said in a statement. Lang also acknowledged that the money "provides the resources to pursue several strategic initiatives." Place your bets now on what that will entail in the months ahead, whether we'll see M&A deals or more.
It is also interesting to see so much VC funding for a device company during a time when medical device startups struggle to attract far less investment. ConforMIS offers a safer bet, however, because its signature product already has regulatory approval in the U.S. and Europe.
ConforMIS launched in 2004.
- read the release
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