Ottawa provides Conavi with $3.9 million
March 20, 2019
TORONTO – The federal government’s FedDev Ontario agency has announced a contribution of over $3.9 million for Conavi Medical Inc., a developer and manufacturer of leading-edge medical technologies, to support the expansion and reconfiguration of its production facility in Toronto.
Conavi Medical Inc. has developed two new innovative systems, Novasight Hybrid™ and Foresight ICE™, designed to enhance visualization and image guidance capabilities during minimally invasive cardiovascular procedures.
These systems collect high-resolution imaging data and provide opportunities for cardiologists to deliver personalized and precise treatments tailored to a patient’s anatomy and underlying disease.
“Conavi Medical aims to have a major impact on patient care worldwide by providing patient-specific imaging data that can ultimately influence physician decision-making during procedures towards successful outcomes,” said Dr. Brian Courtney (pictured), executive chairman and co-founder of Conavi. “We are tremendously grateful for this support from FedDev Ontario as we pursue a bold vision of becoming a leader in this field.”
FedDev Ontario’s contribution will allow Conavi Medical Inc. to expand its existing facility by 8,000 square feet, acquire advanced manufacturing equipment and software, and will position the company to be first-to-market globally. The company will create 61 new skilled full-time jobs.
This project aligns with the Government of Canada’s Economic Strategy Table on Health and Biosciences, a commitment to grow health and biosciences firms to support a more sustainable health system for Canadians, while advancing Canada’s economic prosperity.
On March 13, 2017, Conavi Medical Inc. announced approval from Health Canada to market the Foresight ICE System.
In March 2019, the company received a Health Canada Medical Device License for the Novasight Hybrid System.
This patented technology is the only clinical system that enables simultaneous imaging of coronary arteries with both intravascular ultrasound (IVUS) and optical coherence tomography (OCT), and was invented at Sunnybrook Research Institute.
Angioplasty and stenting is performed four million times around the world every year as an important part of the treatment of coronary artery disease, including patients suffering from heart attacks and angina. Recent randomized studies with existing IVUS systems have shown that intravascular imaging has the potential to significantly improve clinical outcomes during angioplasty and stenting.
Both systems can be marketed in the USA through a 510(k) clearance from the United States Food and Drug Administration.
FedDev Ontario’s repayable contribution of more than $3.9 million will leverage up to $7.3 million in additional private sector investment.
Nearly 30,000 people in the Toronto region are employed in the life sciences sector, and it contributes more than $2 billion to the local economy.
FedDev Ontario is now accepting new projects, using a single application form, through three simplified funding streams that have been designed to meet the needs of innovators and job creators. For more information, visit www.FedDevOntario.gc.ca.