Sam Brusco, Associate Editor03.18.24
Titan Medical has entered an agreement with Toronto-based Conavi Medical to combine the companies in an all-stock transaction.
The combined company will continue to commercialize Conavi’s Novasight Hybrid system to guide common minimally invasive coronary procedures.
Titan will acquire all issued and outstanding Conavi shares. In exchange, Conavi shareholders will be issued common shares of Titan. The transaction will constitute a reverse takeover of Titan.
Conavi’s Novasight Hybrid is the first system, according to the company, to combine intravascular ultrasound (IVUS) and optical coherence tomography (OCT) for simultaneous, co-registered coronary artery imaging. It has U.S. Food and Drug Administration (FDA) 510(k) clearance and regulatory approval for use from Health Canada, China’s National Medical Products Administration, and Japan’s Ministry of Health, Labor and Welfare.
“This planned merger comes at a pivotal moment in the evolution of our company as we continue to advance the Novasight Hybrid System, which provides simultaneous and complementary data with which to better inform patient care, while offering providers a more cost- and space-effective option when purchasing intravascular imaging equipment,” said Conavi’s CEO, Thomas Looby. “Gaining access to the public capital markets will enhance our financial strength and fuel our growth strategy, enabling us to unlock the full potential of our hybrid imaging technology in the United States and globally.”
“This merger is the result of a thoughtful and careful review of strategic options and reflects the continued commitment of our management team and Board of Directors to deliver value to shareholders,” added Paul Cataford, Titan’s interim CEO and board chair. “Conavi is an exciting commercial-stage company with groundbreaking technology and an accomplished management team. We are confident in their ability to continue to drive adoption of the Novasight Hybrid System.”
The combined company will continue to commercialize Conavi’s Novasight Hybrid system to guide common minimally invasive coronary procedures.
Titan will acquire all issued and outstanding Conavi shares. In exchange, Conavi shareholders will be issued common shares of Titan. The transaction will constitute a reverse takeover of Titan.
Conavi’s Novasight Hybrid is the first system, according to the company, to combine intravascular ultrasound (IVUS) and optical coherence tomography (OCT) for simultaneous, co-registered coronary artery imaging. It has U.S. Food and Drug Administration (FDA) 510(k) clearance and regulatory approval for use from Health Canada, China’s National Medical Products Administration, and Japan’s Ministry of Health, Labor and Welfare.
“This planned merger comes at a pivotal moment in the evolution of our company as we continue to advance the Novasight Hybrid System, which provides simultaneous and complementary data with which to better inform patient care, while offering providers a more cost- and space-effective option when purchasing intravascular imaging equipment,” said Conavi’s CEO, Thomas Looby. “Gaining access to the public capital markets will enhance our financial strength and fuel our growth strategy, enabling us to unlock the full potential of our hybrid imaging technology in the United States and globally.”
“This merger is the result of a thoughtful and careful review of strategic options and reflects the continued commitment of our management team and Board of Directors to deliver value to shareholders,” added Paul Cataford, Titan’s interim CEO and board chair. “Conavi is an exciting commercial-stage company with groundbreaking technology and an accomplished management team. We are confident in their ability to continue to drive adoption of the Novasight Hybrid System.”