Conformis Inc. signed a common stock purchase agreement and registration rights agreement with asset manager Lincoln Park Capital Fund LLC.
Upon entering the deals, the Chicago-based fund acquired $1 million of Conformis stock at 52 cents per share.
The agreements give Conformis the right to sell Lincoln Park Capital up to $20.0 million of its shares within three years. Purchase price per share will be based on prevailing market prices.
Additionally, Conformis said it issued 354,430 shares as consideration for Lincoln Park Capital's commitment to purchase its common shares.
Conformis may terminate the agreements at any time without any cost or penalty.
Billerica, Mass.-based Conformis, which develops and sells joint replacement implant devices, will use proceeds for general corporate purposes.