Novadaq Technologies Inc.

Novadaq Technologies Inc.

July 13, 2006 09:00 ET

Novadaq Meets Key Commercialization Milestone with 50th SPY System- Company Announces Patient Registry System For SPY

TORONTO, ONTARIO--(Marketwire - July 13, 2006) - Novadaq® Technologies Inc. (TSX:NDQ), a developer of medical imaging systems for the operating room, today announced the achievement of their second commercial milestone which occurred in June when a purchase order was received for the placement of the fiftieth SPY® System in the U.S. Concurrently, the Company also announced the establishment of the VICTORIA™ Multi Center Clinical Registry (Visual Interpretation of Completeness and Technical Operative Results using Intra-operative Arteriography) for the SPY System.

"This milestone is a significant achievement for Novadaq and represents another step forward in the successful commercialization of our technology," said Dr. Arun Menawat, President and Chief Executive Officer of Novadaq Technologies Inc. "As well, we believe that the registry, by accumulating data on the use of the SPY System, will help lead to the adoption of SPY as part of the standard of care for cardiac surgery, and therefore contribute to improved outcomes for cardiac patients in North America. We expect that these factors will play a critical role in continuing to drive market acceptance of the SPY System."

The East Carolina Heart Institute will be the Coordinating Center for the Registry, which will be led by Dr. T. Bruce Ferguson, Professor and Associate Chief, Division of Cardiothoracic and Vascular Surgery at the Brody School of Medicine at East Carolina University. The East Carolina Heart Institute, a joint venture between the State of North Carolina, the Brody School of Medicine at East Carolina University and University Health Systems of Eastern Carolina, is devoted specifically and exclusively to the research, treatment and prevention of cardiovascular diseases.

"This registry is very unique in its scope," said Dr. Ferguson. "The imaging and clinical data we will collect will be from 1500 coronary artery bypass patients and an estimated 9000 revascularization images, and has the potential to establish a new standard of care and quality in cardiac revascularization."

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, LUNATM is being developed 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 information that is subject to risks and uncertainties relating to Novadaq's future financial or business performance. Actual results could differ materially from those anticipated by this forward-looking information. 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, or statements or information relating to market acceptance of, and use of, the SPY System. Particularly, information regarding future sales and marketing activities, future revenues and research and development activities, expected acceptance and use of the SPY System, 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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