Deal to Cover Patient-Specific Instrumentation Used in Knee Arthroplasty

BILLERICA, Mass., Oct. 01, 2019 (GLOBE NEWSWIRE) — Conformis, Inc. (NASDAQ: CFMS), a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture, and sell patient-specific joint replacement implants designed to fit each patient’s unique anatomy, announced today that it has entered into definitive agreements to sell and license to Stryker Corporation, one of the world’s leading medical technology companies, certain assets relating to Conformis’ patient-specific instrumentation (PSI) technology, and to develop, manufacture, and supply PSI for use in connection with Stryker’s knee implant offerings.

Under the terms of the agreements, Conformis will receive $14M up-front and up to an additional $16M in milestone payments for selling, licensing, and developing part of its intellectual property portfolio to Stryker in order to design, manufacture, and commercialize PSI for use in Stryker’s knee implant offerings, including the market-leading Triathlon Total Knee System. Conformis has also entered into a long-term distribution agreement with Stryker, under which Conformis will supply PSI to Stryker.

Conformis’ proprietary PSI technology utilizes a CT-based 3D model to create single-use, disposable instrumentation for a personalized patient solution.

“Innovations in healthcare are being driven by advancements in personalized medicine,” said Mark Augusti, President, and CEO of Conformis. “Conformis is excited to partner with Stryker—a leader in orthopedic surgical innovation—to further expand CT-based solutions to the market. Such solutions are the future of healthcare, enabling surgeons to provide personalized care based on a patient’s unique anatomy.”

About Conformis, Inc.

Conformis is a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture, and sell joint replacement implants that are designed and manufactured to fit and conform to each patient’s unique anatomy.  Conformis offers a broad line of patient-conforming total and partial knee systems and a hip system that includes sterilized, single-use instruments delivered in a single package to the hospital.  Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover patient-specific implants and instrumentation for all major joints.

For more information, visit www.conformis.com. To receive future releases in e-mail alerts, sign up at http://ir.conformis.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release about our future expectations, plans and prospects, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You should not place undue reliance on our forward-looking statements. Actual results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks and uncertainties described in the “Risk Factors” sections of our public filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

CONTACT:
Investor Relations
ir@conformis.com
(781) 374-5598