Conavi Medical Enters into Funding Agreements for Over $20 Million to Support Commercialization of its Innovative Intravascular Image Guidance Technology
Conavi Medical Inc. is pleased to announce that it has has entered into agreements for over $20 million in funding to support commercialization and growth as it prepares its innovative Novasight HybridTM System for market. The company aims to raise an additional $10 million as part of an ongoing financing effort.
Conavi Medical is leading the way with its Novasight Hybrid System as a new imaging platform for use by interventional cardiologists during common minimally invasive heart procedures. This patented technology is the first and only clinical system that enables simultaneous and co-registered imaging of coronary arteries with both intravascular ultrasound (IVUS) and optical coherence tomography (OCT). The Novasight Hybrid System was recently featured as part of a live case performed by New York Presbyterian Hospital and broadcast during the TCT 2021 conference, the world’s premier meeting for interventional cardiovascular medicine.
“This transformational funding is a testament to the potential the Novasight Hybrid System has on a global scale. It provides the Company with the runway to reach important operational and commercial milestones as we drive the value proposition of this innovative system,” said Thomas Looby, chief executive officer, Conavi Medical.
CONAVI ANNOUNCES ADDITIONS TO ITS BOARD OF DIRECTORS
Conavi Medical is pleased to announce that Aaron Davidson and Susan Allen have been appointed to its Board of Directors. Mr. Davidson will serve as Chair of the Board and Ms. Allen will serve as Chair of the Audit Committee. The appointments were in connection with the close of a financing transaction.
Mr. Davidson is currently the CFO and Senior Vice President of Corporate Development for Profound Medical Inc. (NASDAQ:PROF) and also serves on the Board of Perimeter Medical (TSXV:PINK). He has an extensive track record with emerging life sciences companies and previously served Co-Head and Managing Director of H.I.G. BioHealth Partners. Mr. Davidson earned his MBA from Harvard Business School and a bachelor’s degree in finance from McGill University. He began his career with Eli Lilly and Company, where he spent a decade in various operating management roles in the United States and Canada.
Ms. Allen is a retired PricewaterhouseCoopers LLP (PwC) audit partner with extensive international business, audit, board and governance experience. She currently sits as Trustee and Audit Committee Chair on the board Richards Packaging Income Fund (TSE:RPI.UN) and as Audit Committee Chair of EcoSynthetix (TSE:ECO). She is also a member and acting Audit Chair of the Advisory Board of Triple Flag Precious Metals, a private streaming and royalty company. Ms. Allen has received numerous awards including being named one of “Top 100 Most Powerful Women in Canada”. Ms. Allen holds a BA from the University of Toronto, is a US CPA and a Fellow of the Chartered Professional Accountants of Canada and obtained her ICD.D designation from the Rotman School of Management.
The company looks forward to working with Mr. Davidson and Ms. Allen as part of its mission of advancing image guidance for minimally invasive cardiovascular procedures.
Novasight Hybrid™ System Receives Health Canada Approval
Conavi Medical Inc. is pleased to announce that it has received a Health Canada Medical Device License for the Novasight HybridTM System.
“Conavi is delighted to receive approval for the clinical use of the Novasight Hybrid System in Canada and are thankful to the many researchers, clinicians, patients, employees and other stakeholders that made this milestone possible”, says Dr. Brian Courtney, President and CEO of Conavi. “We are now able to offer this technology that combines the two most commonly used intravascular imaging modalities onto a single catheter to Canadian physicians, hospitals and their patients. Approval in Canada will also accelerate both our ability to pursue approvals in other countries and grow into an international provider of imaging devices.”
FedDev Ontario contributes over $3.9 million to help Conavi expand, capture global market and create over 60 skilled jobs
Yasmin Ratansi, Member of Parliament for Don Valley East, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science, Economic Development and Minister responsible for FedDev Ontario, announced a FedDev Ontario contribution of over $3.9 million for Conavi Medical Inc., a developer and manufacturer of leading-edge medical technologies, to support the expansion and reconfiguration of its production facility in Toronto.
FedDev Ontario’s contribution will allow Conavi Medical Inc. to expand its existing facility by 8,000 square feet, acquire advanced manufacturing equipment and software, and will position the company to be first-to-market globally. The company will create 61 new skilled full-time jobs.
Conavi Receives Late-Stage Innovation Grant from CMA
Conavi Medical is the recipient of the Late-Stage Innovation Grant from the Canadian Medical Association’s Joule Innovation Group. The Joule Innovation grant will give Conavi an opportunity to scale and solve medical challenges worldwide.
First Clinical Use of Novasight Hybrid™ System
Conavi Medical is pleased to announce the first clinical use of the Novasight HybridTM System, which enables simultaneous imaging of coronary arteries with both intravascular ultrasound (IVUS) and Optical Coherence Tomography (OCT). IVUS or OCT are typically used by interventional cardiologists to image coronary anatomy during minimally invasive procedures, such as angiograms, angioplasty and stenting procedures. Drs. Tej Sheth and Natalia Pinilla Echeverri are co-investigators at Hamilton General Hospital where the procedures were performed under a Health Canada Investigational Testing Authorization.