Today, FedDev Ontario announced a $3.9 million contribution to Conavi Medical Inc., a Toronto-based company developing medical technology.
FedDev is providing Conavi Medical with a repayable contribution to help support the expansion and reconfiguration of its production facility in Toronto. Terms of the repayable contribution were not disclosed.
Conavi Medical plans to expand its facility by 8,000 sq. ft., while acquiring more manufacturing equipment and software. FedDev predicts that the company’s expansion will create 61 new full-time jobs.
“This project is helping to transform cardiac procedures, leading to improved health outcomes for Canadians.”
“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, executive chairman and co-founder at Conavi Medical.
The medical device company develops two systems, Novasight Hybrid and Foresight ICE, designed to improve image guidance and visualization during cardiovascular procedures. Both systems collect high-resolution imaging data, to be used by cardiologists in order to deliver personalized treatment.
“This project is helping to transform cardiac procedures, leading to improved health outcomes for Canadians, while creating well-paying jobs in southern Ontario,” said Navdeep Bains, minister of Innovation, Science and Economic Development and minister responsible for FedDev Ontario.
FedDev also noted that it hopes the $3.9 million will help the company be first-to-market globally with its products. Conavi Medical has already received clearance from the US Food and Drug Administration (FDA) to market both products in the US. In March 2017, it also was approved by Health Canada to market Foresight ICE and is waiting on approval for its Novasight Hybrid system.
FedDev’s contribution is a part of the government’s Economic Strategy Table on Health and Biosciences, which is a commitment to support health and biosciences firms in Canada.
This investment announcement comes after FedDev revealed that it was investing $615,000 in an Ottawa-based startup to help commercialize its technology focused on helping first responders. Just last November, it also announced a $2.28 million investment in the Bioenterprise Corporation agri-tech accelerator.