Conavi Medical Receives $1.25 Million Milestone Payment Under Ontario Life Sciences Scale-Up Fund

Executive Summary

• Conavi Medical Corp. received a $1.25 million milestone payment from the Province of Ontario’s Life Sciences Scale-Up Fund (LSSUF), bringing total funding received under the program to $1.75 million.
• The payment was triggered by the company achieving U.S. FDA 510(k) clearance for its hybrid imaging system, which is the first to co-register and co-align intravascular ultrasound (IVUS) and optical coherence tomography (OCT) imaging beams.
• The company remains eligible for up to $2.5 million in total funding under the LSSUF agreement, subject to the achievement of future milestones, with proceeds designated for commercialization and manufacturing scale-up.

Key Details

• Payment Amount: $1.25 million milestone payment received from the Province of Ontario.
• Funding Program: Life Sciences Scale-Up Fund (LSSUF).
• Total Funding Received: $1.75 million to date (including a previous $500,000 payment).
• Total Eligible Funding: Up to $2.5 million under the agreement signed in October 2025.
• Trigger Event: Achievement of U.S. FDA 510(k) clearance for the hybrid imaging system.
• Product Details: The hybrid imaging system is the first to co-register and co-align IVUS and OCT imaging beams for simultaneous hybrid imaging of coronary arteries.
• Use of Proceeds: Commercialization initiatives, manufacturing scale-up activities, and other eligible project costs associated with the launch of the hybrid imaging system.
• Remaining Eligibility: The Company remains eligible for additional funding under the program subject to future milestone achievements.

Notable Quotes

• "We are grateful to the Province of Ontario, the Ministry of Economic Development, Job Creation and Trade, and Minister Vic Fedeli for their continued support of Conavi," said Tom Looby, Chief Executive Officer of Conavi Medical. "Having received $1.75 million under the program, we are pleased that this milestone payment recognizes our achievement of FDA clearance. This funding supports the commercialization of our hybrid imaging system as we build our presence in the U.S. market following FDA clearance."