ConforMIS lands $1.4 million MassDevelopment loan | Funding Roundup (MassDevice)
ConforMIS is on a roll the announcement that it secured a $1.4 million loan from MassDevelopment’s Emerging Technology Fund.
The loan will go toward growing the Burlington, Mass.-based company’s supply chain and manufacturing capacity for its iTotal customized knee replacement system.
“With this new technology, ConforMIS will be able to provide knee replacements to those who are underserved by current designs,” said MassDevelopment president & CEO Marty Jones in the release. “The Emerging Technology Fund helps companies that are starting or expanding manufacturing in Massachusetts, and this project is a triple play: boosting production, creating jobs, and serving the health needs of the Commonwealth.”
The good news just keeps coming for the company, which just announced that the iTotal system won CE Mark approval for the European Union and that the first successful surgeries with the customized knee replacement device took place last month.
The iTotal system won 510(k) clearance from the Food & Drug Administration in February.
“The loan from MassDevelopment will further support the expansion of our supply chain and manufacturing presence, which is critical to our competitiveness within the orthopedics industry,” said Dr. Philipp Lang, CEO of ConforMIS. “Ultimately, the loan will help ConforMIS push the orthopedics industry toward a more efficient and more personalized approach to osteoarthritis treatment, and ultimately to enhance patients’ quality of life.”