Conavi Medical prices C$10m–C$15m public offering for US launch

Conavi Medical Corp. has priced a public offering of common shares and pre-funded warrants on the TSX Venture Exchange, targeting gross proceeds of between C$10 million and C$15 million to finance an initial commercial push into the United States.

The TSXV-listed company (CNVI) is offering securities at C$0.20 per common share, or C$0.19999 per pre-funded warrant, with a minimum issuance of 50 million securities and a maximum of 75 million. Pre-funded warrants carry a nominal exercise price of C$0.00001 and do not expire. The offering is being managed on a commercially reasonable efforts basis by Bloom Burton Securities, acting on behalf of a syndicate of agents.

Conavi said it intends to apply the net proceeds primarily to a limited market release in the United States, with the remainder directed to working capital and general corporate purposes. The offering is expected to close on or around 5 August 2026, subject to TSX Venture Exchange approval and standard closing conditions.

The technology

Conavi's lead product is a hybrid intravascular imaging system that simultaneously co-registers intravascular ultrasound (IVUS) and optical coherence tomography (OCT) imaging beams. The company describes it as the first system to achieve this co-alignment for coronary artery imaging. The device holds 510(k) clearance from the US Food and Drug Administration, a prerequisite for the limited US launch the company now intends to fund with these proceeds.

Bloom Burton will receive a cash commission of 6.5% of gross proceeds for most of the offering, with a reduced rate of 3.25% on sales to a president's list of designated purchasers. Agents also receive compensation options equivalent to 6.5% of securities issued, exercisable for 24 months from closing, at the same price as the offering.

Market context

The intravascular imaging market is dominated by established players with broad commercial footprints, including dedicated IVUS and OCT product lines from large medical device groups. Conavi's differentiation rests on the simultaneous dual-modality approach, which the company argues gives interventional cardiologists more complete information during percutaneous coronary intervention without switching between separate imaging catheters.

Uptake of intravascular imaging guidance in coronary procedures has grown following a series of randomised trial readouts showing improved outcomes versus angiography alone, creating a more receptive commercial environment than existed a few years ago. For a small commercial-stage company on the TSXV, executing a disciplined limited launch in the US is a meaningful operational step, though the capital raised is modest relative to the cost of building a US salesforce at scale. Investors will be watching closely to see whether a limited release converts to a broader distribution agreement or a partnership with a larger device group.

The offering is restricted from distribution in the United States and is not registered under the US Securities Act of 1933.