Novadaq Technologies Inc.
TSX : NDQ

Novadaq Technologies Inc.

February 14, 2007 08:00 ET

Novadaq Initiates Registry Study to Commercialize OPTTX in Europe

Places Devices with Key Opinion Leaders

TORONTO, ONTARIO--(Marketwire - Feb. 14, 2007) -

Attention Business Editors:

Novadaq® Technologies Inc. (TSX:NDQ), a developer of medical imaging systems
for the operating room, today announced that post market patient registry
studies are being initiated with its CE Mark approved OPTTX® System in
Europe. Two OPTTX Systems have been placed, one in Italy and the other in England,
with a third site planned for Switzerland in the first quarter of 2007.

"The OPTTX System is a minimally invasive treatment for wet Age-related
Macular Degeneration and has the potential to be a treatment of choice either
as monotherapy or in combination with anti-VEGF. This milestone is a
significant achievement for Novadaq and represents another step towards the
successful commercialization of our technology platform," said Dr. Arun
Menawat, President and Chief Executive Officer of Novadaq Technologies Inc.
"The OPTTX System is both a diagnostic and a therapeutic tool making it
potentially a convenient device of choice for retinal surgeons."

The OPTTX System is the first and only commercially available device able
to diagnose and treat wet Age-related Macular Degeneration (AMD) all in one
system and manage the disease on an on-going basis. The OPTTX System uses the
same core imaging technology that is used in the Company's SPY® System, with
proprietary optics designed for precise identification of the disease state,
followed immediately by targeted treatment. The unique imaging capabilities
also allows the surgeon to immediately confirm the physical effect of the
treatment and allows for a greater understanding of the hemodynamics of the
vasculature underlying the retina, the root of the disease. The OPTTX System
is designed for stand alone treatment known as choroidal vessel closure™
(CVC) or in combination by using CVC with other treatment modalities allowing
for the physical closure of leaking choroidal and retinal vessels, as well as,
the ability to modulate the physiological aspects of the disease.

"I am pleased that the device is now available in Europe," said Robert
Devenyi, Ophthalmologist-in-Chief, and Director of Retinal Services, The
University Health Network, The University of Toronto. "I believe that the
registry trials have the potential to show that the combination of CVC and
anti-VEGF treatment may reduce the frequency and the number of intra-vitreal
injections needed during the course of care for patients suffering from wet
AMD."

Novadaq is undertaking two post market registry studies to further
evaluate the benefits of CVC when used as a monotherapy or in combination with
anti-VEGF treatments. These studies will be conducted in the three centers
previously identified. One center will focus on CVC alone, while the other two
will evaluate CVC effects on the need to re-treat with intra-vitreal
injections of anti-VEGF drugs, evaluating both the interval between
intra-vitreal injections and the total number of injections required over the
duration of the study. It is anticipated that approximately 100 - 120 patients
will be treated and followed in these registry studies.

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
www.novadaq.com.

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, taxes and plans and
objectives of or involving Novadaq. Without limitation information regarding
future sales and marketing activities, placement expectations for the OPTTX
System, the European registry studies involving the OPTTX System, and the
planned European commercial launch of the OPTTX System, as well as the
Company's plans for each of the SPY System, the OPTTX System, the HELIOS
System and LUNA, is forward-looking information.

Forward-looking information is based on certain factors and assumptions
regarding, among other things, the results from clinical tests of the OPTTX
System and potential opportunities in the AMD treatment market. 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 OPTTX System, risks related to third
party contractual performance, dependence on key suppliers for components of
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, except as required by law.

This press release was prepared by management from information available
to February 13, 2007.

For further information: visit our website at www.novadaq.com.

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