Business
Conavi Medical Reports Fiscal Q1 2025 Interim Financial Results and Operational Highlights
– Completed first quarter as a public company and raised $10.6 mil CAD concurrent with lis...
About this update from Conavi Medical Corp.
[{"type":"text","content":"Conavi Medical Reports Fiscal Q1 2025 Interim Financial Results and Operational Highlights\n\n\n\n – Completed first quarter as a public company and raised $10.6 mil CAD concurrent with listing\n \n\n – Next-generation Novasight design freeze completed on schedule, usability testing and system validation expected to complete next quarter\n \n\n – U.S. FDA submission on track for Q3 calendar 2025\n \n\n\n TORONTO, March 03, 2025 (GLOBE NEWSWIRE) -- Conavi Medical Corp. (TSXV: CNVI) (“\n \n Conavi Medical\n \n ” or the “\n \n Company\n \n ”), a commercial stage medical device company focused on designing, manufacturing, and marketing imaging technologies to guide common minimally invasive cardiovascular procedures, today reported financial results for the fiscal quarter ended December 31, 2024. These unaudited interim results are presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.\n \n\n “We made significant progress in the quarter towards our vision of being a leader in hybrid intravascular imaging,” commented Thomas Looby, Conavi Medical’s CEO. “Beyond our going-public transaction and significant revenue milestone with our Chinese partner, we maintained our progress toward a summer FDA filing. On the medical front, the peer-reviewed paper published by the American College of Cardiology added to the momentum we gained from the upgrade in European coronary imaging guidelines last summer. With Novasight’s design now frozen, we’re excited to have started usability testing and system validation, with completion expected next quarter.”\n \n\n\n Business Highlights\n \n\n All amounts are in Canadian dollars unless specified otherwise:\n \n\n\n During the quarter, the Company completed a reverse takeover of Titan Medical Inc. in an all-stock transaction and completed a concurrent private placement to certain institutional and accredited investors of subscription receipts for gross proceeds of approximately $10.6 million.\n \n\n Conavi Medical’s common shares (which, at the time, were Titan Medical Inc.) were voluntarily delisted from the Toronto Stock Exchange on October 15, 2024 and commenced trading on the TSX Venture Exchange under the symbol...