Conformis Receives $4.7 Million under the Paycheck Protection Program
April 20 2020 - 09:00AM
Conformis, Inc. (NASDAQ:CFMS) today announced that on April 17,
2020 the Company entered into a $4,719,800 promissory note with
East West Bank (NASDAQ:EWBC) under the Paycheck Protection Program
(“PPP”) offered by the U.S. Small Business
Administration (the "SBA") to mitigate the negative financial
and operational impacts of the coronavirus (COVID-19)
pandemic. In response to the coronavirus (COVID-19) pandemic,
the Coronavirus Aid, Relief, and Economic Security Act (“CARES
Act”) authorizes the SBA to make available low-interest rate loans
to qualified small businesses under the PPP. According to the
terms of the PPP, all or a portion of the loan may be fully
forgiven if the funds are used for payroll costs (and at least 75%
of the forgiven amount must have been used for payroll), interest
on certain other outstanding debt, rent, and utilities.
About Conformis, Inc.
Conformis is a medical technology company that
uses its proprietary iFit Image-to-Implant technology platform to
develop, manufacture, and sell joint replacement implants and
instruments that are individually sized and shaped, which we refer
to as personalized, individualized, or sometimes as customized, to
fit each patient’s unique anatomy. Conformis offers a broad
line of sterile, personalized knee and hip implants and single-use
instruments delivered to hospitals. In clinical studies, the
Conformis iTotal CR knee replacement system demonstrated superior
clinical outcomes, including better function and greater patient
satisfaction, compared to traditional, off-the-shelf
implants. Conformis owns or exclusively in-licenses issued
patents and pending patent applications that cover personalized
implants and patient-specific instrumentation for all major
joints.
For more information,
visit www.conformis.com. To receive future releases in
e-mail alerts, sign up at ir.conformis.com.
Cautionary Statement Regarding
Forward-Looking Statements
Statements in this press release about our
future expectations, plans and prospects, including statements
about the anticipated impact of the novel coronavirus (COVID-19)
pandemic and the actions we are taking and planning in response and
the anticipated use of proceeds of the PPP loan and any forgiveness
thereof, as well as other statements containing the words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "potential," "predict,"
"project," "should," "target," "will," or "would" and similar
expressions, constitute forward-looking statements within the
meaning of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. We may not actually achieve the
forecasts disclosed in our forward-looking statements, and you
should not place undue reliance on our forward-looking statements.
Actual financial results could differ materially from the
projections disclosed in the forward-looking statements we make as
a result of a variety of risks and uncertainties, including risks
related to the novel coronavirus pandemic and the response to the
pandemic; whether our cash resources will be sufficient to fund our
continuing operations for the periods anticipated; risks related to
our estimates and expectations regarding our revenue, gross margin,
expenses, revenue growth and other results of operations; and the
other risks and uncertainties described in the "Risk Factors"
sections of our public filings with the Securities and Exchange
Commission. In addition, the forward-looking statements included in
this press release represent our views as of the date hereof. We
anticipate that subsequent events and developments may cause our
views to change. However, while we may elect to update these
forward-looking statements at some point in the future, we
specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date
hereof.
CONTACT:
Investor contact
ir@conformis.com
(781) 374-5598
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