CFMS - Conformis achieves third milestone in Stryker deal after FDA clearance

Conformis (CFMS) has received the FDA’s 510(k) clearance for patient-specific instrumentation (“PSI”) developed in partnership with Howmedica Osteonics, a subsidiary of Stryker Corporation (SYK). The PSI system is designed for use with Stryker’s Triathlon Total Knee System,With the regulatory clearance, the company has achieved the last of the three milestones under the license and development agreements signed with Howmedica Osteonics in 2019.Conformis is now on track to receive $11M of milestone payments from Stryker, and under a long-term distribution agreement, Conformis will manufacture and supply PSI to Stryker.“With the recent FDA clearance, we are pleased to have attained the last milestone of our project and to report the successful conclusion of our joint development agreement with Stryker,” noted Mark Augusti, CEO of Conformis.In October, Conformis announced the receipt of $3M of milestone payment triggered by the achievement of the second milestone linked to the deal.

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Conformis achieves third milestone in Stryker deal after FDA clearance