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Titan Medical Inc. this week provided a progress update regarding its planned merger with Conavi Inc. They said the combined entity will continue working to commercialize Conanvi’s Novasight Hybrid system for guiding minimally invasive coronary procedures.
Toronto-based Conavi Medical designs, makes, and sells imaging technologies for guiding cardiovascular procedures. Novasight Hybrid combines intravascular ultrasound (IVUS) and optical coherence tomography (OCT) to enable simultaneous and co-registered imaging of coronary arteries. The system has FDA 510(k) clearance from the U.S. Food and Drug Administration (FDA).
Conavi and Titan said they are continuing work on the all-stock transaction under a definitive amalgamation agreement first announced last month. That includes the preparation of submissions to list Titan shares on the TSX Venture Exchange. That listing would follow de-listing from the Toronto Stock Exchange.
The companies said they also plan to complete Titan’s management information circular and related documents. Titan plans to hold a special meeting for shareholders to approve the transaction and related matters.
In addition, Conavi said it is preparing concurrent financing of subscription receipts worth at least $15 million and up to $20 million.
Titan Medical licenses IP, evaluates options
Toronto-based Titan Medical had developed patented technology for robot-assisted surgery (RAS), including through a single access point. This merger comes after more than a year of uncertainty around the future of the company.
In late 2022, Titan suspended a special meeting of shareholders meant to vote on a share consolidation plan. Management decided to begin a strategic review, and announced significant cost-cutting measures.
Titan went on to halt development of its ENOS surgical robot in February 2023. The company began selling assets and licensed much of its intellectual property (IP) to Intuitive Surgical to avoid insolvency.
The company said it is focused 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 note: This article was syndicated from The Robot Report sibling site MassDevice. Learn more about robots for surgery and other applications at next week’s Robotics Summit & Expo and co-located DeviceTalks Boston.
The events will include speakers from Medtronic, Asensus Surgical, Intuitive Surgical, and more, as well as the MassRobotics Healthcare Catalyst Showcase. Registration is now open for the Robotics Summit & Expo, which also features sessions and exhibits with industry leaders, an Engineering Career Fair, and networking opportunities.
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