Novadaq Technologies Inc.
TSX : NDQ

Novadaq Technologies Inc.

May 12, 2006 09:00 ET

Novadaq Announces Study Results Presented at the American Heart Association's Quality Conference - SPY Receives Support From Participating Clinicians

TORONTO, ONTARIO--(May 12, 2006) - Novadaq® Technologies Inc. (TSX:NDQ), a developer of medical imaging systems for the operating room, announced that research findings from an independent multi-center study, "New Technology: Real-time Intra-operative Visual Assessment of Coronary Artery Bypass Graft (CABG) Patency," were presented at the American Heart Association's 7th Scientific Forum on Quality of Care and Outcomes Research in Cardiovascular Disease and Stroke, in Washington, DC. Initial results indicated surgeons can immediately view the effectiveness of the bypass grafts through the use of Novadaq's SPY® System and make necessary corrections during heart surgery.

Novadaq's SPY System, commercially available worldwide, enables cardiac surgeons to visually assess coronary vasculature and bypass grafts during the course of CABG procedures. In this particular independent study, a total of 157 patients who underwent elective, or urgent CABG surgery, were studied in this multi-center trial of five leading U.S. heart surgery programs. During the 478 bypasses performed, there were no system, or dye-related complications and the surgeons report the learning curve for interpreting the images was short, and led to appropriate and effective bypass revisions.

"The data obtained from this initial study will provide important information to improve the quality of bypass surgery," said Mitchell Magee, M.D., coordinator and principal investigator of the study and researcher with the Cardiopulmonary Research Science & Technology Institute (C.R.S.T.I.), in Dallas, Texas.

Heart experts acknowledge the benefits of bypass surgery for appropriately selected patients, and understand the need for further research to determine the factors of failure and durability in vein grafts. Technology to assess bypass grafts during surgery, such as the SPY Intra-operative Imaging System, is an important advancement in cardiac surgery.

"The purpose of the study was to determine if the SPY System is safe, straightforward and easy to use, and whether it provides for immediate assessment of graft effectiveness and can be used to evaluate distal perfusion quality after revascularization," said Michael Mack, MD, Chairman, C.R.S.T.I. and Medical Director of Cardiovascular Disease and Transplantation, Medical City Hospital, Dallas, Texas. "These results are very encouraging. Intra-operative Fluorescence Imaging graft patency and perfusion assessment has the potential to become a quality metric for bypass surgery."

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 designed 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 www.novadaq.com.

Certain matters discussed in this release could constitute forward-looking statements that are subject to risks and uncertainties relating to Novadaq's future financial or business performance. Actual results could differ materially from those anticipated in these forward-looking statements. 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. Particularly, information regarding future sales and marketing activities, future revenues and research and development activities, 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.

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

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