Conavi Medical announces agreement with the Province of Ontario as part of the Life Sciences Scale-Up Fund

Executive Summary

• Conavi Medical entered into an agreement with the Province of Ontario’s Life Sciences Scale‑Up Fund (LSSUF) to receive up to CAD 2.5 million for the commercial launch of its next‑generation Novasight Hybrid™ system.
• The grant will cover up to one‑third of eligible project costs, subject to meeting program requirements.
• The funding supports scaling production and market entry of a dual‑modality intravascular imaging device that combines IVUS and OCT, positioning Conavi for accelerated growth in the cardiovascular diagnostics market.

Key Details

• Grant Amount: Up to CAD 2.5 million (approximately one‑third of eligible project costs).
• Program: Ontario Life Sciences Scale‑Up Fund (LSSUF), administered by the Ministry of Economic Development, Job Creation and Trade.
• Purpose: To fund commercial launch activities for the next‑generation Novasight Hybrid™ system, including design finalization, manufacturing scale‑up, regulatory submissions, and market rollout.
• Eligibility Conditions: Funds are disbursed only upon satisfying LSSUF program requirements and verification of eligible expenses.
• Project Scope: Advancement of Conavi’s proprietary dual‑modality imaging technology (IVUS + OCT) aimed at improving coronary procedure outcomes.
• Regulatory Status of Current System: First‑generation Novasight Hybrid™ already cleared in the U.S., Canada, China, and Japan; next‑gen system expected to pursue additional clearances (including FDA).
• CEO Quote: Tom Looby highlighted the grant’s role in accelerating the launch and establishing the system as a category leader.
• Ministerial Quote: Vic Fedeli emphasized Ontario’s commitment to fostering next‑generation health technologies through LSSUF.

Notable Quotes

“We are incredibly grateful to the Province of Ontario… we believe the next‑generation Novasight Hybrid™ system is well positioned to become a category leader and help propel the Ontario ecosystem.” – Tom Looby, CEO, Conavi Medical

“Ontario’s Life Sciences Scale‑Up Fund is accelerating the development of next‑generation health technologies…” – Vic Fedeli, Minister of Economic Development, Job Creation and Trade