ConforMIS issues $68M stock offering (MassHighTech)
The recipient of one of the largest venture capital investments nationwide in the first quarter of this year, Burlington medical device company ConforMIS Inc. is now looking to sell $68 million in stock, according to federal filings.
The company, which makes customized knee implants based on imaging of a patient’s knee, touted an $89 million Series E fundraise in January, with more to come in the form of milestone payments. The investments came from private equity funds in the United States, Europe, Asia, and the Middle East. AGC Equity Partners and Axel Johnson Inc., along with government investment funds from Asia and the United Arab Emirates, were principal investors in the round.
The forms filed with the Securities and Exchange Commission this week indicate the company plans to issue Series E-1 and E-2 preferred stock and convertible securities, the proceeds from which would be used for working capital. The company filed similar forms to sell $68 million worth of Series E stock in June 2011, and again in November 2011 for $60 million,
Founded in 2004, the company has more than 250 patents and pending patents for its iFit technology, which converts CT scan data into implants that are sized and shaped to conform to an individual joint, and its iJig instrumentation, which uses the same data to create cutting and placement guides to eliminate the need for manual sizing and thereby reduce surgical time. Its technology was approved by the FDA in February 2011, and was approved for use in Europe in April 2010.
In March, the company said it’s fighting a patent application for modular knee implants from London-based Imperial Innovations Group plc., saying it invented the technology first.