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Titan Medical Inc. this week offered a progress replace concerning its deliberate merger with Conavi Inc. They stated the mixed entity will proceed working to commercialize Conanvi’s Novasight Hybrid system for guiding minimally invasive coronary procedures.
Toronto-based Conavi Medical designs, makes, and sells imaging applied sciences for guiding cardiovascular procedures. Novasight Hybrid combines intravascular ultrasound (IVUS) and optical coherence tomography (OCT) to allow simultaneous and co-registered imaging of coronary arteries. The system has FDA 510(ok) clearance from the U.S. Food and Drug Administration (FDA).
Conavi and Titan stated they’re persevering with work on the all-stock transaction underneath a definitive amalgamation settlement first introduced final month. That consists of the preparation of submissions to listing Titan shares on the TSX Venture Exchange. That itemizing would observe de-listing from the Toronto Stock Exchange.
The firms stated additionally they plan to finish Titan’s administration info round and associated paperwork. Titan plans to carry a particular assembly for shareholders to approve the transaction and associated issues.
In addition, Conavi stated it’s making ready concurrent financing of subscription receipts price at the least $15 million and as much as $20 million.
Titan Medical licenses IP, evaluates choices
Toronto-based Titan Medical had developed patented expertise for robot-assisted surgical procedure (RAS), together with by a single entry level. This merger comes after greater than a yr of uncertainty round the way forward for the firm.
In late 2022, Titan suspended a particular assembly of shareholders meant to vote on a share consolidation plan. Management determined to start a strategic evaluate, and introduced important cost-cutting measures.
Titan went on to halt growth of its ENOS surgical robotic in February 2023. The firm started promoting property and licensed a lot of its mental property (IP) to Intuitive Surgical to keep away from insolvency.
The firm stated it’s targeted on “evaluating new opportunities to further develop and license its intellectual property while pursuing the completion of its agreed-upon merger with Conavi Medical.”
Editor’s word: This article was syndicated from The Robot Report sibling web site MassDevice. Learn extra about robots for surgical procedure and different functions at subsequent week’s Robotics Summit & Expo and co-located DeviceTalks Boston.
The occasions will embrace audio system from Medtronic, Asensus Surgical, Intuitive Surgical, and extra, in addition to the MassRobotics Healthcare Catalyst Showcase. Registration is now open for the Robotics Summit & Expo, which additionally options periods and reveals with trade leaders, an Engineering Career Fair, and networking alternatives.
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