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Medical device firm ConforMIS receives $168 million from investors

posted Aug 6, 2013 in the Business Blog

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Patients the world over require innovative medical devices to make their lives easier and pain-free. Boston-based ConforMIS is one of these organizations, and it aims to provide individuals who are suffering from orthopedic-related issues with products that provide relief and joint movement.

And with a recent investment worth $167.7 million from venture capital firms in Boston and elsewhere, ConforMIS will be able to fund further research and development as well as expand into new markets. The company stated that it will also use the money to improve its manufacturing facilities and increase marketing for its iTotal G2 knee replacement system.

"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," said ConforMIS CEO Philipp Lang in a statement. "In addition, this funding provides the resources to pursue several strategic initiatives."

The Boston Business Journal reported that the recent funding was part of the company's Series E funding round. In early 2012, ConforMIS begin this round and raised $89 million, but with the rest of the investments this month, that round has now been closed, the source explained.

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