Conformis (NSDQ:CFMS) announced today that it has concluded the second of three stages of its licensing and development agreement with Stryker (NYSE:SYK). UPDATE October 2, 2019 with the details of the agreement. „We are pleased to announce the second phase of the project,“ said Mark Augusti, President and CEO of Conformis, in a press release. „We believe that this project, along with the long-term distribution agreement under which Conformis will produce and deliver PSI to Stryker, will create added value for our shareholders as we successfully support the growing demand for effective outpatient joint replacement.“ CONTACT: Investor Relations email@example.com (781) 374-5598 1. Conformis has entered into a licensing agreement with Stryker for its patient-specific joint instrumentation technology. Stryker prepaid US$14 million and was able to make up to US$16 million in additional payments if certain milestones were met. Editor`s Note: This article was updated at 4:25 p.m. CST to show that Stryker has entered into a licensing agreement for patient-specific instruments and not patient-specific implants. Conformis retains all PIs for patient-specific implants. Under the agreement, Conformis will receive an additional $3 million from Stryker after reaching the milestone by developing patient-specific instruments (PSI) for the use of Stryker prostheses. BILLERICA, Mass., 01.10.2019 (GLOBE NEWSWIRE) – Conformis, Inc.
(NASDAQ: CFMS), a medical technology company that is developing its proprietary iFit Image-to-Implant technology platform, The manufacture and sale of patient-specific dental implants designed for each patient`s unique anatomy announced today that it has entered into final sales and licensing agreements for Stryker Corporation. one of the world leaders in medical technology, for certain assets related to Conformis` Patient Specific Instrumentation Technology (PSI), as well as for the development, manufacture and supply of PSI for use associated with stryker implant offerings. On 1 October, Conformis and Stryker concluded an agreement on technological development, licensing and distribution. 2. With this agreement, companies will work together to design, manufacture and market patient-specific instruments for the use of Stryker knee offerings, including the triathlon knee system. For more information, see www.conformis.com. To receive future releases in email notifications, log in to ir.conformis.com. An additional $16 million is on the table to lay the groundwork for the sale, licensing and development of Stryker tech conformis implants; The agreement also includes a long-term distribution agreement, Billerica, Mass.-based Conformis said. Under the agreements, Conformis will receive $14 million in advance and up to $16 million in milestone payments for the sale, licensing and development of part of its intellectual property portfolio at Stryker to design, manufacture and market PSI in Stryker`s knee implant offerings, including triathlon leader Total Knee Systems.
Conformis has also entered into a long-term distribution agreement with Stryker, under which Conformis will deliver PSI to Stryker. 3. The two companies have also entered into a distribution agreement for Conformis to provide Stryker with patient-specific instruments. Conformis retains all PIs for patient-specific implants. . Once the FDA removes the device, Stryker is included in the range of companies that can offer patient-friendly instruments. In theory, custom tools can improve referral and therefore patient outcomes while reducing treatment times. However, research, particularly a meta-analysis of 21 randomized controlled studies, questioned the value of adjustment. MassDevice approached Conformis to confirm details of the milestone announced today, but did not receive an immediate response.