BILLERICA, Mass., Feb. 12, 2021 (GLOBE NEWSWIRE) -- Conformis, Inc. (Nasdaq: CFMS) today announced it has priced an underwritten public offering of 80,952,381 shares of its common stock at an offering price of $1.05 per share. The gross proceeds from the offering will be approximately $85 million, before deducting underwriting discounts and commissions and estimated offering expenses. The closing of the offering is expected to take place on February 17, 2021, subject to the satisfaction of customary closing conditions.

Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering.

Conformis intends to use the net proceeds of the offering for general corporate purposes, which may include research and development costs, sales and marketing costs, clinical studies, manufacturing development, the acquisition or licensing of other businesses or technologies, repayment and refinancing of debt, working capital and capital expenditures.

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.