Novadaq Technologies Inc.
TSX : NDQ

Novadaq Technologies Inc.

May 03, 2007 18:28 ET

Novadaq Completes Purchase of Xillix's Portfolio of Fluorescence Endoscopy Patents

TORONTO, ONTARIO--(Marketwire - May 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, announced
today that it has completed the purchase of all intellectual property, certain
capital assets and inventory from Xillix Technologies Corp. (Richmond, British
Columbia) including, an extensive auto-fluorescence and multi-modal imaging
portfolio of 31 issued patents and multiple pending applications in the United
States, Japan and Europe and licensed rights to certain innovative fluorescence
imaging technologies.

For the acquired assets, Novadaq paid Xillix consideration in the amount
of CDN $3,000,000 of which $1,075,000 was paid in cash and $1,925,000 was
satisfied by the issuance of 224,883 common shares (at an issue price of
$8.56 per share, being the volume weighted average trading price of Novadaq's
common shares on the Toronto Stock Exchange for the five trading days
preceding the execution of the asset purchase agreement).

About Novadaq Technologies

Novadaq Technologies Inc. (TSX:NDQ) develops and commercializes medical
imaging systems and real-time image guided therapies 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® 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™ Imaging 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™ Imaging
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. Novadaq is also the exclusive United States
distributor of PLC Medical's CO(2) HEART LASER™ System for TMR
(Trans-Myocardial Revascularization). For more information, please visit the
company's website at www.novadaq.com.

Forward-looking Statements

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 (including without limitation those related
to the intellectual property and other assets acquired from Xillix). 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 www.novadaq.com.

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