Titan Medical today provided a progress update regarding its planned merger with surgical guidance technology company Conavi Medical.
The companies entered into a definitive amalgamation agreement to combine in an all-stock transaction last month. They aim to commercialize Conavi’s Novasight Hybrid system for guiding common minimally invasive coronary procedures.
Conavi Medical designs, manufactures and markets imaging technologies for guiding minimally invasive cardiovascular procedures. Novasight Hybrid combines both intravascular ultrasound (IVUS) and optical coherence tomography (OCT) to enable simultaneous and co-registered imaging of coronary arteries.
Novasight Hybrid has FDA 510(k) clearance and regulatory nods in other geographies like Canada, China and Japan. With Titan Medical, Conavi expects the combined company to become a commercial-stage leader in hybrid intravascular imaging.
According to a news release, Titan and Conavi continue to work toward the completion of the transaction. That includes the preparation of submissions to list Titan shares on the ESX Venture Exchange. That listing would follow delisting from the Toronto Stock Exchange.
The companies also aim to complete Titan’s management information circular and related documents. Titan plans to hold a special meeting for shareholders to approve the transaction and other related matters. Finally, Conavi continues to work toward a concurrent financing of subscription receipts worth at least $15 million (and up to $20 million).
This merger comes after more than a year of uncertainty around the future at Titan Medical. 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 its IP to avoid insolvency. It eventually licensed its surgical robotics IP to market leader Intuitive Surgical.