Conavi Medical has completed a public stock offering, securing proceeds of approximately US$12 million.
The company intends to use the funds from the offering to obtain US Food and Drug Administration (FDA) 510(k) clearance of the next generation Novasight Hybrid system, as well as initiate a targeted market release in the USA.
Novasight is an intravascular imaging system combining co-registered intravascular ultrasound (IVUS) and optical coherence tomography (OCT) in a single device. The first-generation Novasight Hybrid system has 510(k) regulatory clearance in the USA, Canada, China, and Japan.
“This offering positions Conavi to initiate a targeted market release of Novasight, following US FDA clearance,” said Tom Looby, president and chief executive officer of Conavi. “The strong participation from US strategic healthcare investors reflects confidence in our technology and commercial strategy, as well as growing interest in intravascular imaging technologies. The proceeds will support our commercialisation efforts and continued advancement of our intravascular imaging platform.”
