Conformis soars on news of FDA clearance
According to a report from SeekingAlpha, Billerica, Mass.-based Conformis received approval for the ITotal Identity posterior-stabilizing knee replacement system along with the cruciate-retaining knee replacement system. The knee replacements have customized fitting properties with specificity for each patient receiving one.
Paperwork for 510(k) clearance made its way to the FDA on Jan. 29 before the administration granted clearance weeks later on Feb. 17.
As a result of the news of clearance, CFMS shares closed the day up 15.9% at $1.24 per share, which marks a rebound from Feb. 12 when the company’s shares dipped -17% after the company priced an offering.
The offering of 81 million shares of common stock at $1.05 per share closed last week, bringing in approximately $79.6 million in net proceeds, which Conformis said will be put toward general corporate purposes.