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Conavi Medical Corp. reports developments tied to its commercial-stage medical device business in cardiovascular imaging. The company designs, manufactures and markets technologies used to guide minimally invasive cardiovascular procedures, including a next-generation hybrid intravascular imaging system that combines intravascular ultrasound and optical coherence tomography in a single platform.
Recurring news themes include FDA 510(k) clearance, U.S. commercialization preparation, clinical and academic publications on hybrid IVUS-OCT imaging, operational and financial results, equity financing, non-dilutive funding agreements, leadership changes, investor conference participation and healthcare technology recognition.
Conavi Medical (TSXV: CNVI; OTCQB: CNVIF) has received approval for uplisting from the OTC Pink Open Market to the OTCQB Venture Market, with trading scheduled to begin on March 6, 2025. The company will maintain its ticker symbol CNVIF, and no shareholder action is required.
The OTCQB listing, which complements Conavi's TSX Venture Exchange presence, is expected to enhance visibility and access to U.S. investors. The move coincides with the company's preparations for the commercial launch of their next-generation Novasight system.
The OTCQB Venture Market, operated by OTC Markets Group, is recognized by the SEC as an established public market for securities registration purposes. Listed companies must maintain current reporting status and undergo annual verification processes.
Conavi Medical (OTC: CNVIF) received strong validation from new U.S. intracoronary imaging guidelines issued by the American College of Cardiology and American Heart Association. The Class 1A guidelines, representing the highest level of evidence, emphasize the essential roles of both IVUS and OCT imaging in coronary procedures.
The guidelines specifically highlight how these imaging technologies are important for evaluating lesion preparation, stent sizing, reducing geographical errors, confirming stent expansion, identifying complications, and determining stent failure causes. Clinical data shows intracoronary imaging leads to a 46% reduction in cardiac death compared to angiography alone.
Conavi's Novasight system, as the only hybrid IVUS-OCT device in the market, uniquely positions the company by offering both imaging modalities in a single platform. This combination helps streamline procedures, limit contrast usage, and support more informed clinical decisions for complex coronary artery disease patients.
Conavi Medical (TSXV: CNVI) reported its fiscal Q1 2025 results, marking its first quarter as a public company. The company raised $10.6 million CAD through a concurrent private placement and completed a reverse takeover of Titan Medical Inc.
Revenue reached $8.6 million, up from $0.7 million year-over-year, primarily due to an $8.4 million milestone payment from East Ocean Medical following Chinese regulatory approval. Operating expenses increased to $6.8 million from $5.1 million, with R&D expenses at $4.7 million. The company reported a net loss of $7.6 million ($0.19 per share).
Key developments include:
- Completion of next-generation Novasight design freeze
- Initiation of usability testing and system validation
- FDA submission planned for Q3 2025
- Cash position of $5.1 million as of December 31, 2024