Conavi Medical Secures $2.5M CAD Government Funding to Advance Next-Generation Cardiovascular Imaging System
核心洞察
Conavi Medical (搜索) has secured up to $2.5 million CAD from Ontario's Life Sciences Scale-Up Fund to support the commercial launch of its next-generation Novasight Hybrid system.
The proprietary Novasight Hybrid system uniquely combines intravascular ultrasound and optical coherence tomography into a single integrated device for comprehensive coronary artery imaging.
The funding will cover up to one-third of eligible project costs related to the commercial launch, positioning the technology to become a category leader in cardiovascular imaging.
Conavi Medical (搜索) Corp. has entered into an agreement with the Province of Ontario to receive up to $2.5 million CAD in funding through the Life Sciences Scale-Up Fund (LSSUF) to support the commercial launch of its next-generation Novasight Hybrid system. The announcement, made on October 29, 2025, represents a significant milestone for the commercial-stage medical device company focused on cardiovascular imaging technologies.
Government Partnership Supports Innovation
The Life Sciences Scale-Up Fund provides financial support to help small-to-medium sized enterprises based in Ontario scale up the life sciences sector. Under the agreement, Conavi is eligible to receive funding 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 (搜索). "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."
Minister Vic Fedeli emphasized the strategic importance of the partnership, stating, "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. Through this partnership, Conavi Medical (搜索) will advance the design and manufacturing of their cardiovascular imaging technology, ensuring more medical breakthroughs are developed right here, in Ontario."
Dual-Modality Imaging Technology
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.
The company's patented Novasight Hybrid System is the first to combine IVUS and OCT into a single device, enabling simultaneous and co-registered imaging of coronary arteries. The first-generation Novasight Hybrid System has already received regulatory clearance in the United States, Canada, China, and Japan.
Market Position and Future Outlook
Looby expressed confidence in the technology's market potential, stating, "We believe the next-generation Novasight Hybrid system is well positioned to become a category leader and help propel the Ontario ecosystem." The funding agreement positions Conavi to advance both the design and manufacturing of their cardiovascular imaging technology within Ontario's growing life sciences sector.
Conavi Medical (搜索) is focused on designing, manufacturing, and marketing imaging technologies to guide common minimally invasive cardiovascular procedures. The company trades on the TSX Venture Exchange under the symbol CNVI and on the OTCQB under CNVIF.