FedDev Ontario supports cutting-edge technologies to benefit cardiovascular patients worldwide
Over $3.9 million to help medical company expand, capture global market and create over 60 skilled jobs
February 13, 2019 — Toronto, Ontario
Today, Yasmin Ratansi, Member of Parliament for Don Valley East, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science, Economic Development and Minister responsible for FedDev Ontario, announced a FedDev Ontario contribution of over $3.9 million for Conavi Medical Inc., a developer and manufacturer of leading-edge medical technologies, to support the expansion and reconfiguration of its production facility in Toronto.
Conavi Medical Inc. has developed two new innovative systems, Novasight Hybrid™ and Foresight ICE™, designed to enhance visualization and image guidance capabilities during minimally invasive cardiovascular procedures. These systems collect high-resolution imaging data and provide opportunities for cardiologists to deliver personalized and precise treatments tailored to a patient's anatomy and underlying disease.
FedDev Ontario's contribution will allow Conavi Medical Inc. to expand its existing facility by 8,000 square feet, acquire advanced manufacturing equipment and software, and will position the company to be first-to-market globally. The company will create 61 new skilled full-time jobs.
This project aligns with the Government of Canada's Economic Strategy Table on Health and Biosciences, a commitment to grow health and biosciences firms to support a more sustainable health system for Canadians, while advancing Canada's economic prosperity.
"Today's announcement of FedDev Ontario support for Conavi Medical Inc. reinforces Canada's strong record of health innovation. This project is helping to transform cardiac procedures, leading to improved health outcomes for Canadians, while creating well-paying jobs in southern Ontario."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario
"Through FedDev Ontario's contribution, our Government is demonstrating support for cutting-edge companies, like Conavi Medical Inc., that are poised to scale up and seize new opportunities in global markets. This is great news for Toronto, as this project will attract highly-skilled employees to more than 60 new full-time jobs locally."
– Yasmin Ratansi, Member of Parliament for Don Valley East
"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. We are tremendously grateful for this support from FedDev Ontario as we pursue a bold vision of becoming a leader in this field."
– Dr. Brian Courtney, Executive Chairman and Co-Founder, Conavi Medical Inc.
On March 13, 2017, Conavi Medical Inc. announced approval from Health Canada to market the Foresight ICETM System. Health Canada approval of the Novasight HybridTM System is pending review. Both systems can be marketed in the USA through a 510(k) clearance from the United States Food and Drug Administration.
FedDev Ontario's repayable contribution of more than $3.9 million will leverage up to $7.3 million in additional private sector investment.
Nearly 30,000 people in the Toronto region are employed in the life sciences sector, and it contributes more than $2 billion to the local economy.
FedDev Ontario is now accepting new projects, using a single application form, through three simplified funding streams that have been designed to meet the needs of innovators and job creators. For more information, visit www.FedDevOntario.gc.ca.
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