Conavi Medical (OTCQB: CNVIF) announced on Monday it received a $1.25M milestone payment from Ontario’s Life Sciences Scale-Up Fund, triggered by the FDA 510(k) clearance of its hybrid imaging system.
The company said it has now received $1.75 million of up to $2.5 million available under the funding program.
The proceeds are intended to support commercialization, manufacturing scale-up, and the launch of the company’s hybrid imaging system.
The company remains eligible for additional funding under the program upon achieving future milestones.
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