Conavi Medical Taps Into 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 (Canada) to scale up the life sciences sector. As part of the agreement, Conavi is eligible to receive up to $2.5 million CAD to cover up to one-third of eligible project costs in launching 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,” Conavi Medical CEO Tom Looby stated. “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.”

Conavi’s proprietary Novasight Hybrid system combines both intravascular ultrasound (IVUS) and optical coherence tomography (OCT) into a single integrated system. This dual-modality approach provides cardiologists with a comprehensive view of coronary arteries, potentially enabling more precise diagnosis and treatment of cardiovascular disease.

“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,” Minister of Economic Development, Job Creation and Trade Vic Fedeli stated. “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 Medical designs, manufactures, and markets 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.