Titan Medical Inc. (“Titan”) announced on March 18, 2024, that it is merging with Conavi Medical Inc. (“Conavi”).

Titan is a medical technology licensing company based in Toronto with an extensive patent portfolio focusing on robotic assisted surgery. Conavi is a medical device company specializing in minimally invasive image-guidance technology for cardiovascular procedures.

The agreement provides that Titan will exchange its own stock for all of Conavi’s outstanding shares, imputing a $69.8 million value for Conavi.

According to Titan’s press release, “[t]he combined company will focus on continuing to commercialize Conavi’s Novasight Hybrid™ System designed to guide common minimally invasive coronary procedures.” The Novasight Hybrid™ System utilizes both intravascular ultrasound and optical coherence tomography to perform imaging of coronary arteries, providing the user with two different perspectives on the same part of the vessel. The Novasight Hybrid™ System is also the first and only system to have this type of hybrid imaging on a single console, thus providing a more cost- and space-effective option for imaging technology.

Thomas Looby, CEO of Conavi, believes that this merger will “enhance [Conavi’s] financial strength” and will enable Conavi “to unlock the full potential of [its] hybrid imaging technology in the United States and globally.”

“Conavi is an exciting commercial-stage company with groundbreaking technology and an accomplished management team,” said Interim Titan CEO and Board Chair, Paul Cataford. “We are confident in their ability to continue to drive adoption of the Novasight Hybrid System.”

The merger is expected to finalize on July 15, 2024.