Company has received $1.75 million in total under the program, including a $1.25 million payment triggered by the Company's U.S. FDA clearance, to support the commercial launch of its hybrid IVUS-OCT imaging system
TORONTO, June 29, 2026 (GLOBE NEWSWIRE) -- Conavi Medical Corp. ("Conavi" or the "Company") (TSXV: CNVI; OTCQB: CNVIF), a commercial-stage medical device company focused on designing, manufacturing, and marketing imaging technologies to guide minimally invasive cardiovascular procedures, today announced that it has received a milestone payment of $1.25 million from the Province of Ontario through the Life Sciences Scale-Up Fund ("LSSUF"). The milestone payment was triggered by Conavi's achievement of U.S. FDA 510(k) clearance for its hybrid imaging system — the first system to co-register and co-align intravascular ultrasound (IVUS) and optical coherence tomography (OCT) imaging beams to enable simultaneous hybrid imaging of coronary arteries.
"We are grateful to the Province of Ontario, the Ministry of Economic Development, Job Creation and Trade, and Minister Vic Fedeli for their continued support of Conavi," said Tom Looby, Chief Executive Officer of Conavi Medical. "Having received $1.75 million under the program, we are pleased that this milestone payment recognizes our achievement of FDA clearance. This funding supports the commercialization of our hybrid imaging system as we build our presence in the U.S. market following FDA clearance."
As previously announced, Conavi entered into an agreement with the Province of Ontario in October 2025 under the LSSUF program, which provides support to help Ontario-based life sciences companies scale their operations and commercialize innovative technologies. Under the agreement, Conavi is eligible to receive up to $2.5 million in funding based on the achievement of specified milestones. Following receipt of the $1.25 million milestone payment, the Company has now received a total of $1.75 million under the program to date. The Company remains eligible to receive additional funding under the program, subject to the achievement of future milestones.
The Company will use the proceeds received under the LSSUF program to support commercialization initiatives, manufacturing scale-up activities and other eligible project costs associated with the launch of its hybrid imaging system.
About Conavi Medical
Conavi Medical is focused on designing, manufacturing, and marketing imaging technologies to guide common minimally invasive cardiovascular procedures. Its patented hybrid imaging system is the first system to co-register and co-align intravascular ultrasound (IVUS) and optical coherence tomography (OCT) imaging beams to enable simultaneous hybrid imaging of coronary arteries. The hybrid imaging system has 510(k) clearance from the U.S. Food and Drug Administration. For more information, visit http://www.conavi.com/.