Conformis, Inc. and SITES Medical Announce Development & Supply Agreement
BILLERICA, Mass. and COLUMBIA CITY, Ind., Jan. 21, 2021 (GLOBE NEWSWIRE) -- Conformis, Inc. (NASDAQ:CFMS) and SITES Medical, a firm dedicated to inventing and de-risking new orthopedic medical device technologies, today announced they have entered into a non-exclusive development and supply agreement. The companies will work together to incorporate SITES Medical’s proprietary OsteoSync Ti Technology into future Conformis’ cementless total knee replacement products.
“We are excited to be partnering with Conformis, a company that has brought a high degree of innovation to the joint replacement field,” said Greg Stalcup, President/CEO of SITES Medical. “We look forward to working with the Conformis team to combine our respective technologies to deliver new generations of high performance, cost effective, and OR-efficient products to the market.”
OsteoSync™ Ti technology is a highly porous titanium bone ingrowth material designed to meet the needs of today’s health stakeholders from both clinical and economic standpoints. Its high friction coefficient promotes high initial implant stability and its open pore geometry, combined with micro and nano-texturing, facilitate superior bone ingrowth. Preclinical testing has demonstrated bone attachment strength nearly twice that of titanium plasma spray or beads, and between 2 and 5 times that of titanium 3D printed materials, a performance differential that can impact clinical outcomes, especially in cementless joint replacement patients. OsteoSync™ Ti technology has been used in over 50,000 procedures since it was first introduced for clinical use in 2014. The material is manufactured using highly innovative methods and offers substantial value for outpatient and inpatient facilities alike.
"We are pleased to have entered into this agreement and are looking forward to working with SITES Medical to apply their technology to our future cementless total knee offering," said John Slamin, Senior Vice President, Product Development, of Conformis.
About SITES Medical
Ortho Technology Invented Here. At SITES Medical, we develop meaningful orthopedic innovations so our OEM partners can deliver improved clinical outcomes and greater value to all stakeholders. Our inventions emanate from our deep industry knowledge and a problem-solving mindset, and they come in the form of new product technologies and advanced manufacturing processes. Examples include OsteoSync Ti, OsteoSync Rx and High Velocity, Single-Piece Flow manufacturing. Our technologies and our integrity have made us a trusted partner since 2008. Additional information about the company can be found at www.sitesmedical.com.
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 and instruments that are individually sized and shaped, which it refers to as personalized, individualized, or sometimes as customized, to fit each patient’s unique anatomy. Conformis offers a broad line of sterile, personalized knee and hip implants and single-use instruments delivered to hospitals and ambulatory surgical centers. In clinical studies, the Conformis iTotal® CR knee replacement system demonstrated superior clinical outcomes, including better function and greater patient satisfaction, compared to traditional, off-the-shelf implants. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this press release about Conformis’ future expectations, plans and prospects, including statements about the anticipated timing of product launches, operations and growth, 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. We may not actually achieve the forecasts disclosed in our forward-looking statements, and 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 related to our estimates and expectations regarding revenue, gross margin, expenses, revenue growth and other results of operations, and the other risks and uncertainties described in the “Risk Factors” sections of Conformis’ 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: Company Contact Conformis Investor Relations ir@conformis.com (781) 374-5598 Company Contact SITES Medical Greg Stalcup gstalcup@sitesmedical.com www.sitesmedical.com
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