Novadaq Technologies Inc.

Novadaq Technologies Inc.

April 03, 2007 09:39 ET

Novadaq Granted a One Month Extension of ICG Supply in the United States

TORONTO, ONTARIO--(Marketwire - Apr. 3, 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, today
provided further guidance on the status of the supply of Indocyanine Green
(ICG) in the United States. As previously reported, on January 19, 2007,
the United States Food and Drug Administration (FDA) advised of a shortage
of ICG. In its advisory, the FDA advised that Akorn, Inc. (Akorn), currently
the sole supplier of ICG in the United States, had filed a manufacturing site
change supplement for ICG with the FDA and is working with the FDA Drug Shortage
team and the CDER Reviewing Division to bring this product to market in an
expedited manner. Akorn announced yesterday that based on recent correspondence
from the FDA it believes that there will be a delay in launching its ICG.

As of March 31, 2007, the current inventory of IC-Green in the United
States had effectively expired. Based on information provided by Novadaq to
the FDA and Akorn, on April 2, 2007, Akorn informed Novadaq that the FDA has
granted a one-month extension to the current expiration date of Novadaq's ICG
inventory-on-hand effective immediately. Accordingly, Novadaq's current
inventory of ICG will remain effective until the end of April 2007.

"This is one step forward in navigating a long-term solution," said Dr.
Arun Menawat, President and Chief Executive Officer of Novadaq Technologies
Inc. "We continue to work closely with the FDA and have submitted additional
information on March 30th in support of yet another means of resolving this
supply issue. As we have previously disclosed, while any significant delay in
obtaining ICG could have a material adverse effect on our ability to sell our
systems and products and to continue clinical trials, this issue has no impact
on Novadaq's newly acquired agreement for the distribution of Transmyocardial
Therapy (TMR) products of PLC Medical System Inc., or SPY sales and use in
regions outside of North America where alternative ICG suppliers are

About Novadaq Technologies

Novadaq Technologies Inc. (TSX:NDQ) develops and commercializes medical
imaging devices 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. For more information, please visit the company's website at

Forward-looking Statements and Associated Risks

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. Without limiting the generality of the
foregoing, there can be no assurance that the FDA will approve additional or
alternative means of obtaining ICG in the United States in the near-term; any
material continued inability of Novadaq to obtain FDA-approved ICG could
adversely affect Novadaq's ability to sell its systems and products and
continue clinical trials, which (individually or in the aggregate) could have
a material adverse effect on Novadaq's business, operations and prospects.
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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