Conformis completed the second of three milestones in its license and development agreement with Stryker Orthopaedics, under which Conformis is developing patient-specific instrumentation (PSI) for use with Stryker’s knee joint replacement implants. Conformis will receive an additional $3.0 million from Stryker for achieving this milestone.
PSI creates single-use, patient-specific instruments from a CT-based 3D model.
The collaboration, which began in late 2019, includes a long-term distribution agreement under which Conformis will supply PSI to Stryker.
“We are pleased to announce the achievement of the second project milestone,” said Mark Augusti, Conformis President and Chief Executive Officer. “We believe that this project, as well as the long-term distribution agreement under which Conformis will manufacture and supply PSI to Stryker, will create value for our shareholders as we successfully support the increasing demand for efficient outpatient joint replacement.”