SRI spin-off company, Conavi Medical, completes reverse takeover to become public

Conavi Medical Corp. recently announced the completion of the previously reported business combination between Sunnybrook Research Institute (SRI) spin-off company, Conavi Medical Inc., and Titan Medical Inc. in an all-stock transaction, which constituted a reverse takeover. The combined company will focus on continuing to commercialize and develop Conavi’s Novasight Hybrid™ System designed to guide common minimally invasive coronary procedures.

Conavi Medical was co-founded in 2007 by Dr. Brian Courtney, interventional cardiologist and clinician-scientist in the Schulich Heart Program at Sunnybrook. The company is focused on designing, manufacturing, and marketing imaging technologies to guide common minimally invasive cardiovascular procedures.

“The Novasight Hybrid System is the world’s first catheter-based system to be used clinically that combines intravascular ultrasound and optical coherence tomography imaging,” explains Dr. Courtney. “This transaction enables the company to further develop and commercialize this advanced and practical imaging system.”

With the completion of the business combination, Conavi Medical is positioned as a publicly-listed, commercial-stage leader in hybrid intravascular imaging. Intravascular imaging has strong momentum in the clinical marketplace and was recently given a highest-level guideline recommendation by the European Society of Cardiology for complex coronary procedures.

“Canada’s medical technology landscape is continuing to grow and transform patient care both nationally and globally,” adds Dr. Kullervo Hynynen, vice-president of research and innovation at SRI. “Conavi’s public listing will allow for more Canadians to participate and invest in revolutionary health-care technology and the advancing medtech sector.”

For more information, see the full news release from Conavi Medical Inc.