Novadaq Technologies Inc.

Novadaq Technologies Inc.

June 01, 2006 09:00 ET

Novadaq Announces LUNA Highlights from AUA 2006 LUNA Capable of Identifying Cavernous Nerve Primarily Responsible for Erectile Function

TORONTO, ONTARIO--(Marketwire - June 1, 2006) - Novadaq® Technologies Inc. (TSX:NDQ), a developer of medical imaging systems for the operating room, announced today that its new product, the LUNA™ System, was highlighted at the annual meeting of the American Urological Association held in Atlanta, Georgia, May 20-25, 2006.

The LUNA System, being developed to enable surgeons to visualize nerves and lymph nodes during urological applications, was the subject of non- clinical abstracts presented by authors from the University of Rochester. The abstract: Intraoperative Visualization of Cavernous Nerves Using Near Infrared Fluorescence of Indocyanine Green in the Rat, presented by Dr. Dragan J. Golijani, studied the use of the LUNA System on rat models and demonstrated conclusively that LUNA is capable of identifying the cavernous nerve that is primarily responsible for the erectile function. LUNA is the first system that has the potential to visualize the nerve bundle surrounding the human prostate in an intra-operative procedure. This is particularly useful in radical prostatectomy, as up to 50% of men undergoing such a procedure become impotent due to inadvertent damage to the surrounding nerve bundle.

"The LUNA system is an evolution of Novadaq's commercial product, the SPY System," said Dr. Arun Menawat, CEO and President, Novadaq Technologies Inc. "LUNA has shown the ability to visualize very small nerve bundles in rat models, as compared to humans. The visualization of human nerve bundles is therefore not expected to require significant modification to the LUNA equipment for open prostatectomy cases."

According the American Cancer Society, approximately 250,000 men are diagnosed with prostate cancer annually in United States alone. This number is expected to grow in double digits as the population ages. Radical prostatectomy is currently the most efficacious procedure, but impotence remains a significant side effect of surgery. Novadaq's LUNA system has the potential to reduce these side effects. The study will now proceed to human clinical trials, which are aimed at identifying the nerve bundle surrounding the prostate. The trial is expected to begin in the second half of 2006.

About Novadaq Technologies

Novadaq Technologies Inc. (TSX:NDQ) develops and commercializes medical devices based on its proprietary imaging platform for the diagnosis and treatment of human vascular, ophthalmic, and neurologic diseases and conditions. Novadaq's SPY® Intra-operative Imaging System, commercially available worldwide, enables cardiac surgeons to visually assess coronary vasculature and bypass graft functionality during the course of open-heart bypass surgery. Novadaq's ophthalmic product, the OPTTX® System, is aimed at the diagnosis, evaluation and treatment of wet Age-related Macular Degeneration (AMD) by using the same core imaging technology that is used in the SPY System. The OPTTX System is currently being evaluated in clinical trials. Novadaq's product for nerve visualization in prostate surgery, LUNA™ is designed to enable surgeons to visualize nerve bundles during the course of radical prostatectomy in order to reduce negative outcomes including impotency. For more information, please visit the company's website at

Certain matters discussed in this release could constitute forward-looking statements that are subject to risks and uncertainties relating to Novadaq's future financial or business performance. Actual results could differ materially from those anticipated in these forward-looking statements. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future financial position, business strategy and strategic goals, research and development activities, projected costs and capital expenditures, financial results, research and clinical testing outcomes, taxes and plans and objectives of or involving Novadaq. Particularly, information regarding future sales and marketing activities, future revenues and research and development activities, as well as the Company's plans for each of the SPY System, OPTTX System and LUNA System, is forward-looking information.

Forward-looking information is based on certain factors and assumptions regarding, among other things, market acceptance and the rate of market penetration of Novadaq's SPY System, the clinical results of the use of the SPY System, the results from clinical tests of the OPTTX System, and potential opportunities in the AMD treatment market and in image guided conventional and minimally invasive urological applications including nerve-sparing radical prostatectomy. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what we currently expect. These factors include risks relating to the transition from research and development activities to commercial activities, market acceptance and adoption of the SPY System, dependence on key suppliers for components of the SPY System and the OPTTX System, regulatory and clinical risks, risks relating to the protection of intellectual property, risks inherent in the conduct of research and development activities, including the risk of unfavorable or inconclusive clinical trial outcomes, potential product liability, competition and the risks posed by potential technological advances, and risks relating to fluctuations in the exchange rate between the US dollar and the Canadian dollar.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Novadaq may elect to, Novadaq is under no obligation and does not undertake to update this information at any particular time.

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