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Titan Medical Inc. this week supplied a progress replace concerning its deliberate merger with Conavi Inc. They mentioned 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(okay) clearance from the U.S. Meals and Drug Administration (FDA).
Conavi and Titan said they’re persevering with work on the all-stock transaction below a definitive amalgamation settlement first announced final month. That features the preparation of submissions to listing Titan shares on the TSX Enterprise Trade. That itemizing would observe de-listing from the Toronto Inventory Trade.
The businesses mentioned additionally they plan to finish Titan’s administration data round and associated paperwork. Titan plans to carry a particular assembly for shareholders to approve the transaction and associated issues.
As well as, Conavi mentioned it’s making ready concurrent financing of subscription receipts value not less than $15 million and as much as $20 million.
Titan Medical licenses IP, evaluates choices
Toronto-based Titan Medical had developed patented know-how 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 company.
In late 2022, Titan suspended a particular assembly of shareholders meant to vote on a share consolidation plan. Administration determined to begin a strategic review, and introduced important cost-cutting measures.
Titan went on to halt growth of its ENOS surgical robotic in February 2023. The company began selling assets and licensed a lot of its mental property (IP) to Intuitive Surgical to keep away from insolvency.
The corporate mentioned it’s centered on “evaluating new alternatives to additional develop and license its mental property whereas pursuing the completion of its agreed-upon merger with Conavi Medical.”
Editor’s notice: This text was syndicated from The Robot Report sibling web site MassDevice. Study extra about robots for surgical procedure and different purposes at subsequent week’s Robotics Summit & Expo and co-located DeviceTalks Boston.
The occasions will embody 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 classes and displays with business leaders, an Engineering Career Fair, and networking alternatives.
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