Conavi Medical announces agreement with the Province of Ontario as part of the Life Sciences Scale-Up Fund

Rhea-AI Summary

Conavi Medical (OTCQB: CNVIF) announced on October 29, 2025 an agreement with the Province of Ontario under the Life Sciences Scale-Up Fund to support the commercial launch of the next‑generation Novasight Hybrid system.

Under the arrangement Conavi is eligible to receive up to $2.5 million CAD over the project to cover up to one‑third of eligible project costs, subject to certain requirements. The funding is intended to support design and manufacturing activity for the dual‑modality intravascular imaging system that combines IVUS and OCT to guide coronary procedures.

Positive

• Eligible funding of up to $2.5M CAD for commercial launch
• Program covers up to one‑third of eligible project costs
• Public validation from Province of Ontario may aid commercialization

Negative

• Funding is conditional and subject to certain requirements
• Amount is up to $2.5M CAD—not a guaranteed disbursement

Agreement to provide up to $2.5 million CAD to Conavi Medical to support the commercial launch of the next-generation Novasight Hybrid system

TORONTO, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Conavi Medical Corp. (TSXV: CNVI) (OTCQB: CNVIF) (“Conavi” or the “Company”), a commercial-stage medical device company focused on designing, manufacturing, and marketing imaging technologies to guide minimally invasive cardiovascular procedures, is pleased to announce that it has entered into an agreement with the Province of Ontario as part of the Life Sciences Scale-Up Fund (LSSUF).

LSSUF provides financial support to help small-to-medium sized enterprises based in Ontario to scale up the life sciences sector. As part of the agreement, Conavi is eligible to receive up to $2.5 million CAD 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. Additional details regarding LSSUF can be found at https://www.ontario.ca/page/life-sciences-scale-fund.

“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. “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. We believe the next-generation Novasight Hybrid™ system is well positioned to become a category leader and help propel the Ontario ecosystem.”

“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,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Through this partnership, Conavi Medical will advance the design and manufacturing of their cardiovascular imaging technology, ensuring more medical breakthroughs are developed right here, in Ontario.”

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.

About Conavi Medical

Conavi Medical is focused on designing, manufacturing, and marketing imaging technologies to guide common minimally invasive cardiovascular procedures. Its patented Novasight Hybrid™ System is the first to combine intravascular ultrasound (IVUS) and optical coherence tomography (OCT) into a single device, enabling simultaneous and co-registered imaging of coronary arteries. The first-generation Novasight Hybrid™ System has regulatory clearance in the U.S., Canada, China, and Japan. For more information, visit conavi.com.

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws, which reflect the current expectations of management of Conavi’s future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are frequently, but not always, identified by words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “potential for” and similar expressions, although these words may not be present in all forward-looking statements. Forward-looking statements that appear in this release may include, without limitation, references to Conavi’s actual receipt of funds from the Province of Ontario under the LSSUF program and satisfaction of the conditions thereto, Conavi’s plans for the commercialization of its Novasight Hybrid™ System and expected FDA clearance and the commercial launch of next generation Novasight in the U.S.

These forward-looking statements reflect management’s current beliefs with respect to future events, and are based on information currently available to management that, while considered reasonable by management as of the date on which the statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. Forward-looking statements involve significant risks, uncertainties and assumptions and many factors could cause Conavi’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Such factors and assumptions include, but are not limited to, Conavi’s ability to retain key personnel; its ability to execute on its business plans and strategies; and other factors listed in the “Risk Factors” sections of the joint information circular of Conavi dated August 30, 2024 and in the final short form prospectus of Conavi dated April 15, 2025 (each of which may be viewed at www.sedarplus.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements.

Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions and Conavi has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, Conavi cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, Conavi expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, investors should not place undue reliance on forward-looking statements. All the forward-looking statements are expressly qualified by the foregoing cautionary statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Contact:
Stefano Picone
Chief Financial Officer
(416) 483-0100

FAQ

What funding did Conavi Medical (CNVIF) receive from Ontario on October 29, 2025?

Conavi is eligible to receive up to $2.5 million CAD from the Life Sciences Scale‑Up Fund to support the Novasight Hybrid launch.

How much of the Novasight Hybrid project costs will Ontario cover for CNVIF?

The program can cover up to one‑third of eligible project costs for the commercial launch, subject to requirements.

What is the purpose of the Life Sciences Scale‑Up Fund support for Conavi (CNVIF)?

The support is to advance design and manufacturing for the next‑generation Novasight Hybrid intravascular imaging system.

Does the October 29, 2025 agreement guarantee Conavi (CNVIF) will receive $2.5M CAD?

No; the company is eligible to receive up to $2.5M CAD and disbursement is subject to certain requirements.

What clinical imaging modalities does the Novasight Hybrid system combine for CNVIF?

The Novasight Hybrid system integrates both intravascular ultrasound (IVUS) and optical coherence tomography (OCT) into one platform.