Personalized 3-D printed joint implants may seem like a no-brainer. But troubled small-cap ConforMIS has struggled to dig in its heels since a $135 million IPO last June. Last fall, the implant maker faced a recall due to packaging problems. And now the FDA has forced its hand on a regulatory submission for a hip implant--causing it to withdraw the application in the face of unanticipated questions.
ConforMIS had one of the most staggeringly successful med tech IPOs this summer. Its July IPO raised more than $155 million at a $15 share price. The custom 3-D printed orthopedic implant company saw its share price climb as high as almost $27--but all that ground has been lost on this week's news of a voluntary recall by the company.
Custom knee implant maker ConforMIS has priced the latest major med tech IPO with its $135 million offering on July 1. Investor appetite for large med tech IPOs raising more than $100 million remains whetted, despite the encroachment of the summer doldrums that can slow Wall Street activity to a crawl.
Med techs gather IPO momentum: ConforMIS files for up to $173M, EndoChoice gets set as AirXpander starts in Australia
Med techs are looking to revive public market interest. Several IPOs priced during the first few months of the year--but there's been a lull lately. Custom joint replacement maker ConforMIS is readying an IPO to raise up to $172.5 million, while gastrointestinal endoscopy player EndoChoice has set terms to raise $100 million. Also, Palo Alto, CA-based, breast tissue expansion company AirXpander is starting an IPO to raise A$36.5 million (US $28.3 million) on the Australian Securities Exchange.
Orthopedic implant maker ConforMIS disclosed that it has expanded--and come close to doubling--its Series E financing to a whopping $167.7 million.
These are dubious times for medical device companies seeking venture investment.
ConforMIS successfully raised $73 million through the sale of stock and convertible securities on Wednesday. The fundraising, noted in a new regulatory filing, is a bit of a coup, in fact, surpassing an initially-announced plan to pull in $68 million through the action.
ConforMIS, which makes orthopedics implants, plans to raise $68 million in an equity and securities funding round, according to a recent regulatory filing.
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
ConforMIS has secured a $1.4 million loan from MassDevelopment's Emerging Technology Fund. The loan will go toward growing the Burlington, MA-based company's supply chain and manufacturing capacity