Novadaq Technologies Inc.
TSX : NDQ

Novadaq Technologies Inc.

April 26, 2005 09:00 ET

Novadaq Technologies Inc. Files Preliminary Prospectus

TORONTO, ONTARIO--(Marketwire - April 26, 2005) - Novadaq Technologies Inc. ("Novadaq") announced today that it has filed a preliminary
prospectus with the securities regulatory authorities in each of the provinces of Canada in connection with a proposed initial public
offering of its common shares (the "Offering"). Novadaq develops and commercializes medical devices based on its proprietary imaging
platform for the diagnosis and treatment of human vascular and ophthalmic diseases and conditions.

Novadaq will use the net proceeds of the Offering to continue the commercial launch of the SPY™ System in the United States and the
rest of the world, to conduct clinical trials for the OPTTX System, to fund additional research and development initiatives targeted
towards expanding the Company's product pipeline, to further build the Company's capabilities for optics and imaging software, and for
general corporate and working capital purposes.

The syndicate of underwriters is being co-led by RBC Capital Markets and TD Securities Inc. and also includes GMP Securities Ltd., Orion
Securities Inc. and Scotia Capital Inc.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not
be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Novadaq Technologies

Novadaq is focused on developing and marketing diagnostic and therapeutic medical devices for vascular imaging. Novadaq's SPY™ system
fulfils the unmet need of validating a successful revascularization during CABG surgery. Novadaq's ophthalmic product is aimed at the
diagnosis and treatment of wet Age Related Macular Degeneration (AMD) by using the same core imaging technology that is used in the
SPY™ Intra-operative Imaging System.

For more information about Novadaq Technologies Inc. and Novadaq products please visit the company's website at www.novadaq.com.

Contact Information