Conavi gets Ontario funding for imaging system launch

Mr. Tom Looby reports CONAVI MEDICAL ANNOUNCES AGREEMENT WITH THE PROVINCE OF ONTARIO AS PART OF THE LIFE SCIENCES SCALE-UP FUND Conavi Medical Corp. has entered into an agreement with the Province of Ontario as part of the Life Sciences Scale-Up Fund (LSSUF). LSSUF provides financial support to help small-to-medium-sized enterprises based in Ontario to scale up the life sciences sector. As part of the agreement, Conavi is eligible to receive up to $2.5-million over the course of the project to cover up to one-third of eligible project costs related to the commercial launch of the next-generation Novasight Hybrid system, subject to certain requirements. "We are incredibly grateful to the Province of Ontario, the Ministry of Economic Development, Job Creation and Trade, and Minister Victor Fedeli for the ongoing support of Conavi and our vision," said Tom Looby, chief executive officer of Conavi Medical. "Heart disease remains a leading cause of death in Canada and globally, and intravascular imaging has been shown to significantly improve outcomes for patients undergoing coronary procedures. We believe the next-generation Novasight Hybrid system is well positioned to become a category leader and help propel the Ontario ecosystem." "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," said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. "Through this partnership, Conavi Medical will advance the design and manufacturing of their cardiovascular imaging technology, ensuring more medical breakthroughs are developed right here, in Ontario." Conavi's proprietary Novasight Hybrid system uniquely combines both intravascular ultrasound (IVUS) and optical coherence tomography (OCT) into a single integrated system. This dual-modality approach is designed to provide cardiologists with a comprehensive view of coronary arteries, potentially enabling more precise diagnosis and treatment of cardiovascular disease. About Conavi Medical Corp. Conavi Medical is focused on designing, manufacturing and marketing imaging technologies to guide common minimally invasive cardiovascular procedures. Its patented Novasight Hybrid system is the first to combine intravascular ultrasound (IVUS) and optical coherence tomography (OCT) into a single device, enabling simultaneous and co-registered imaging of coronary arteries. The first-generation Novasight Hybrid system has regulatory clearance in the United States, Canada, China and Japan. We seek Safe Harbor.