Conavi gets Ontario funding for imaging system launch

Executive Summary

• Conavi Medical Corp. has entered into an agreement with the Province of Ontario under the Life Sciences Scale-Up Fund (LSSUF).
• The company is eligible to receive up to $2.5 million in financial support to cover up to one-third of eligible project costs.
• The funding is designated for the commercial launch of the next-generation Novasight Hybrid system, a proprietary cardiovascular imaging technology.

Key Details

• Funding Source: Province of Ontario Life Sciences Scale-Up Fund (LSSUF).
• Maximum Funding Amount: Up to $2.5 million.
• Cost Coverage: Covers up to one-third of eligible project costs.
• Purpose of Funds: To support the commercial launch of the next-generation Novasight Hybrid system.
• Product Details: The Novasight Hybrid system combines intravascular ultrasound (IVUS) and optical coherence tomography (OCT) into a single integrated device for simultaneous and co-registered imaging of coronary arteries.
• Regulatory Status: The first-generation Novasight Hybrid system has received regulatory clearance in the United States, Canada, China, and Japan.
• Strategic Goal: To position the next-generation system as a category leader and support the Ontario life sciences ecosystem.

Notable Quotes

• Tom Looby, CEO: "We are incredibly grateful to the Province of Ontario... for the ongoing support of Conavi and our vision... We believe the next-generation Novasight Hybrid system is well positioned to become a category leader and help propel the Ontario ecosystem."
• Vic Fedeli, Minister of Economic Development, Job Creation and Trade: "Ontario's Life Sciences Scale-Up Fund is accelerating the development of next-generation health technologies and reinforcing our province's position as a global leader in life science innovation... Conavi Medical will advance the design and manufacturing of their cardiovascular imaging technology, ensuring more medical breakthroughs are developed right here, in Ontario."