Novadaq Technologies Inc.

Novadaq Technologies Inc.

August 29, 2006 09:00 ET

Novadaq Announces Luna System As Subject Of Best Scientific Paper Award At The World Conference Of Endourology - University Of Rochester Submits Three Virtual Posters Using Luna

TORONTO, ONTARIO--(Marketwire - Aug. 29, 2006) - Novadaq® Technologies Inc. (TSX:NDQ), a developer of medical imaging systems for the operating room, today announced that researchers from the University of Rochester, working on the LUNA™ System for the visualization of nerve and lymphatic systems in urological procedures, won the award for Best Scientific Paper at the 24th World Congress of Endourology, held from August 17 to 20 in Cleveland, Ohio. The team of Dragan Golijanin, Ralph Madeb, Jean Joseph, Jorge Yao, Chris Silvers, Jay Reeder, Edward Messing and Ron Wood submitted virtual posters in the areas of bladder cancer and testicular torsion visualization, as well as radical prostatectomy, for which their paper, Intraoperative Visualization of Cavernous Nerves Using Near Infrared Fluorescence (NIRF) of Indocyanine Green (ICG) in the Rat, was recognized by the conference.

"To me, what is interesting about these findings is that urologists are recognizing that we have a potential solution to a significant medical imaging problem," said Dr. Arun Menawat, President and Chief Executive Officer of Novadaq Technologies Inc. "These results with the LUNA System, the growing commercial use of the SPY System and the expected launch of the OPTTX System demonstrate the applicability and functionality of Novadaq's technology and its potential to become a standard of care in the operating room for many procedures."

The award winning virtual poster presented research on the use of injections of a fluorescent dye, ICG, to visualize prostatic neurovascular bundles during surgery. The research examined whether intra-operative identification would help surgeons spare cavernous nerves during radical prostate surgery and identify the cavernous nerve for nerve grafting. Nerves were identified intra-operatively at 6, 8, 12, 18, 24 and 36 hours following ICG injection. The conclusion was that ICG and its visualization using NIRF may facilitate the intra-operative identification of cavernous nerves during radical prostatectomy in order to reduce the incidence of postoperative erectile dysfunction.

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. Novadaq filed for a CE Mark for the OPTTX System at the end of Q2 2006 and expects a limited launch in Europe by year end. 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

This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. 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, and plans and objectives of or involving Novadaq. Particularly, information regarding future sales and marketing activities, future revenues and research and development activities, expectations for regulatory approval and commercial launch of the OPTTX System, as well as the Company's plans and expectations for each of the SPY, OPTTX and Luna Systems, 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, the likelihood of regulatory approval in Europe for the OPTTX System, potential opportunities in the AMD treatment market, and potential opportunities 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, the OPTTX System and the LUNA 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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