- The stock price of ConforMIS Inc (NASDAQ: CFMS) increased by over 10% pre-market. This is why it happened.
The stock price of ConforMIS Inc (NASDAQ: CFMS) increased by over 10% pre-market. Investors are responding positively to Conformis announcing today that it received 510(k) clearance by the U.S. Food and Drug Administration for patient-specific instrumentation (PSI) developed by the company under its License Agreement and Development Agreement with Howmedica Osteonics, a wholly-owned subsidiary of Stryker Corporation also known as Stryker Orthopaedics.
And with the clearance of this PSI system, which is designed for use with Stryker’s Triathlon Total Knee System, the company has achieved the third of three milestones under the agreements and will receive $11 million from 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. Despite the global challenges of the last 12 months, the dedication of our project and support teams has enabled us to achieve this major milestone on schedule. We now will turn our efforts to focusing on our long-term distribution agreement, under which Conformis will manufacture and supply PSI to Stryker. We continue to believe this initiative will create shareholder value as we satisfy the increasing demand for efficient outpatient ambulatory surgery center joint replacement.”
— Mark Augusti, President and Chief Executive Officer
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