Novadaq Technologies Inc.

Novadaq Technologies Inc.

May 04, 2007 17:00 ET

Novadaq Announces Terms of Private Placement

TORONTO, ONTARIO--(Marketwire - May 4, 2007) -

Attention Business Editors:


Novadaq® Technologies Inc. (TSX:NDQ), a developer of real-time medical
imaging systems and image guided therapies for the operating room, is
pleased to announce that it has priced its previously announced private
placement. Novadaq intends to issue approximately 2.0 million common shares
at a price of $7.50 per share, for aggregate gross proceeds of approximately
$15.0 million. The common shares will be offered through a syndicate of agents,
led by RBC Dominion Securities Inc. and including Blackmont Capital Inc. and
Versant Partners Inc.

Closing of the offering is expected to be on or about May 23, 2007
subject to certain customary conditions, including the entering into of
definitive agreements on customary terms, and the receipt of all necessary
regulatory approvals, including the approval of the Toronto Stock Exchange.

The net proceeds from this offering will be used to fund ongoing product
research and development efforts, sales and marketing expenses and recent
acquisitions including the exclusive distribution rights to PLC Medical System
Inc.'s Heart Laser System™ for transmyocardial revascularization (TMR) in
the United States, the acquisition of certain business assets of Xillix
Technologies Corp., and for general corporate purposes.

This news release does not constitute an offer to sell or a solicitation
of an offer to buy any securities. The securities referred to above have not
been and will not be registered under the United States' Securities Act of
1933, as amended (the "US Securities Act") or any state securities laws and
may not be offered or sold within the United States or to US persons unless
registered under the US Securities Act and applicable state securities laws or
an exemption from such registration is available.

About Novadaq Technologies

Novadaq Technologies Inc. (TSX:NDQ) develops and commercializes medical
imaging systems and real-time image guided therapies for use in the operating
room. Novadaq's proprietary imaging platform can be used to visualize blood
vessels, nerves and the lymphatic system during surgical procedures. 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 surgery. Novadaq's
OPTTX® System which received CE Mark approval in November 2006, 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 HELIOS™ System, which received FDA clearance in
January 2007, is the first fluorescent imaging system available for use during
plastic reconstructive surgery allowing surgeons to evaluate pre- and
intra-operative blood flow, as well as post-surgery perfusion. Novadaq's
LUNA™ System is designed to enable surgeons to visualize nerve bundles
during the course of urological and neurological procedures. LUNA™ has been
granted a license for use by Health Canada. Novadaq is also the exclusive
United States distributor of PLC Medical's CO(2) HEART LASER™ System for
TMR (Trans-Myocardial Revascularization). For more information, please visit
the company's website at

Forward-looking Statements

Certain statements included in this press release may be considered
forward-looking. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements to be materially different from those implied by such statements,
and therefore these statements should not be read as guarantees of future
performance or results. All forward-looking statements are based on Novadaq's
current beliefs as well as assumptions made by and information currently
available to Novadaq and relate to, among other things, anticipated financial
performance, business prospects, strategies, regulatory developments, market
acceptance and future commitments, including (among other matters) that
Novadaq will complete its proposed private placement, which is being marketed
on a best-efforts agency basis, on the terms described herein or at all.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Due to
risks and uncertainties, including the risks and uncertainties identified by
Novadaq in its public securities filings; actual events may differ materially
from current expectations. Novadaq disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

For further information: visit our website at

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