Updated on 2 October 2019 with details on the agreement. For more information, see www.conformis.com. To receive future versions in email notifications, sign in to ir.conformis.com. “We are pleased to announce the completion of the second stone 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 that will allow Conformis to produce and deliver PSIs to Stryker, will create added value for our shareholders as we successfully support the growing demand for efficient ambulatory replacements.” 3. The two companies have also entered into a distribution agreement for Conformis to provide specific tools to Stryker`s patients. Conformis retains all IP for patient-specific implants. 1. Conformis has entered into a licensing agreement with Stryker for its patient-specific joint replacement instrumentation technology. Stryker paid $14 million upfront and was able to make up to $16 million in additional payments if certain milestones were met. 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 for the development, manufacture and sale of patient-specific joint implants tailored to each patient`s unique anatomy, today announced that it has entered into definitive sales and licensing agreements to Stryker Corporation, One of the world`s leading Medical Technology Company, concluded.
certain assets related to Conformis` Patient-Specific Instrumentation Technology (PSI) and the development, manufacture and supply of PSIs for use related to Stryker`s knee implant offerings. Editor`s note: This article was updated at 4:25 p.m. CST to reflect that Stryker has entered into a licensing agreement for patient-specific devices and not for patient-specific implants. Conformis retains all intellectual property for patient-specific implants. Conformis and Stryker reached an agreement on October 1 on technology development, licensing and distribution. Conformis (NSDQ:CFMS) announced today that it has entered into the second of three milestones of its licensing and development agreement with Stryker (NYSE:SYK). CONTACT: Investor Relations firstname.lastname@example.org (781) 374-5598 an additional $16 million is on the table for milestones for the sale, licensing and development of Conformis Tech Stryker implants; The deal also includes a long-term distribution agreement, said Conformis, based in Billerica, Mass. Pursuant to the terms of the agreements, Conformis will receive in advance $14 million and up to an additional $16 million in milestone payments for the sale, licensing and development of a portion of its Stryker intellectual property portfolio to design, manufacture and commercialize PSI for use in Stryker`s knee implant system, including the Total Knee System triathlon. Conformis has also entered into a long-term distribution agreement with Stryker under which Conformis will deliver PSI to Stryker. As part of the deal, Conformis receives an additional $3 million from Stryker after it reaches the milestone as it develops patient-specific instruments (PSIs) for use associated with Stryker`s knee implant offerings. 2. With this Agreement, the Companies will collaborate to develop, manufacture and commercialize patient-specific tools for knee use offered by Stryker, including the Global Triathlon Knee System.
Clinical research, published online in the Journal of Bone and Joint Surgery Reviews in July 2020, found that patients are engaged in a total of $5 million in milestones on the date Stryker receives the first prototype of Conformis and when the design of the device is complete.