Canada-based Conavi Medical has signed agreements to raise more than $20m in funding to support the commercialisation of its Novasight Hybrid System.

It is also planning to raise additional $10m through an ongoing financing.

The company intends to offer its Novasight Hybrid system as a new imaging platform to support interventional cardiologists in minimally invasive heart procedures.

The Novasight Hybrid system leverages a patented technology that facilitates simultaneous imaging of coronary arteries with both intravascular ultrasound (IVUS) and optical coherence tomography (OCT).

Conavi Medical chief medical officer and co-founder Brian Courtney said: “Our system provides a comprehensive assessment of coronary arteries, which is useful for determining the size of the artery as well as both the nature and extent of the plaque.

“A number of studies from around the world are consistently demonstrating that intravascular imaging improves procedural results in percutaneous coronary interventions (PCI) and its use is growing.

“Hybrid imaging with IVUS and OCT will play an important role in this growth through its synergistic versatility in a wide range of coronary interventions and potential for greater ease and consistency of interpretation.”

Conavi Medical is a privately-held company focused on designing, manufacturing, and marketing of imaging technologies for minimally invasive cardiovascular procedures.

According to the company, more than four million angioplasty and stenting procedures are performed worldwide each year, as part of coronary artery disease treatment

In recent randomised studies, existing IVUS systems showed that intravascular imaging has the potential to improve clinical outcomes during angioplasty and stenting.

The Novasight Hybrid system has secured 510(k) approval from the US Food and Drug Administration.

Also, the system was granted regulatory approval from Health Canada, and the Ministry of Health, Labor and Welfare (MHLW) in Japan.

Conavi Medical chief executive officer Thomas Looby said: “This transformational funding is a testament to the potential the Novasight Hybrid System has on a global scale.

“It provides the Company with the runway to reach important operational and commercial milestones as we drive the value proposition of this innovative system.”