Conavi Medical has completed its reverse takeover of Titan Medical (TSX:TMD; OTC:TMDIF).
The combined company (the Resulting Issuer), which will voluntarily delist from the TSX on or about October 15, 2024, and subsequently list on the TSX Venture Exchange the next day under the trading ticker “CNVI”, will focus on continuing to commercialize and develop Conavi’s Novasight Hybrid System designed to guide common minimally invasive coronary procedures.
In connection with the completion of the reverse takeover transaction, the officers and board of directors of the Resulting Issuer have resigned. Joining the board of the Resulting Issuer from the board of Conavi are Thomas Looby, Craig Podolsky, Aaron Davidson, Susan Allen and Robert D. Mitchell. In addition, consistent with the terms of the transaction, former Titan board members Anthony Giovinazzo and Cathy Steiner have been re-appointed to the board of the Resulting Issuer. The Resulting Issuer’s new management team will be led by Thomas (Tom) Looby, Chief Executive Officer and Stefano Picone, Chief Financial Officer.
On October 8, 2024, Conavi completed a concurrent private placement of subscription receipts for gross proceeds of $7.7 million. Those proceeds, less certain expenses, were initially placed into escrow, but were released on Friday further to the close of the reverse takeover transaction.
Conavi’s patented Novasight Hybrid System is the first system to combine both intravascular ultrasound (IVUS) and optical coherence tomography (OCT) to enable simultaneous and co-registered imaging of coronary arteries. The Novasight Hybrid System has 510(k) clearance from the U.S. FDA; and regulatory approval for clinical use from Health Canada, China’s National Medical Products Administration, and Japan’s Ministry of Health, Labor and Welfare.
