ConforMIS triggers 2nd $15m tranche of $50m term loan

ConforMIS (NSDQ:CFMS) said this week it triggered the 2nd tranche on a term loan with Oxford Finance, bringing in $15 million for the company.

The company originally inked a deal for the $50 million in debt financing in January. The debt financing was part of the Billerica, Mass.-based company’s strategy to fund commercialization of its custom joint replacement implants.

According to the 5-year agreement, ConforMIS can initially access $15 million of debt and an additional $15 million will be made available through December this year. Another $20 million will be available through June 2018 and is pegged to certain revenue milestone.

The company said it borrowed the $15 million as part of the Term B Loan on June 30, with funds slated to support working capital, according to an SEC filing.

Last month, ConforMIS said it won FDA 510(k) clearance for its primary iTotal Hip replacement system.

The iTotal Hip system features the company’s iFit technology which uses single-use, custom 3D printed instruments and a limited amount of reusable instruments to deliver a customized hip replacement, the company said.

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