Novadaq Technologies Inc.

Novadaq Technologies Inc.

October 19, 2005 09:00 ET

Novadaq Establishes United States Subsidiary-Achieves September's SPY Placement Goal

TORONTO, ONTARIO--(Marketwire - Oct. 19, 2005) - Novadaq® Technologies Inc. (TSX:NDQ) announced today that it has established Novadaq Corp., a United States subsidiary incorporated in Delaware. Rick Mangat, co-founder of Novadaq, co-inventor of the SPY® Intra-operative Imaging System and current Vice President of Operations, has been appointed General Manager of the subsidiary. In his role as General Manager, Mr. Mangat will be responsible for all commercial activities in the United States including those related to the continuing distribution partnership with Sorin, increasing U.S. market penetration for the SPY Intra-operative Imaging System and preparing the market for the introduction of future Novadaq products currently in the pipeline.

Novadaq also announced that as at the end of September it has placed a total of 10 SPY Intra-operative Imaging Systems in leading United States cardiac surgery hospitals.

“Establishing this subsidiary is an integral part of our strategy to build a strong franchise for the SPY System and our other products in the United States. We are pleased to have placed the first ten SPY Systems by the end of September and are now moving to the next stage in U.S. adoption,” said Dr. Arun Menawat, President and Chief Executive Officer of Novadaq Technologies Inc. “Rick Mangat has in-depth knowledge of our innovative vascular imaging technology and of our targeted markets. He has successfully led the development of the SPY System since inception and I am certain he will lead our commercialization team in its efforts to establish SPY as a standard of care in cardiac surgery.”

The research element of Mr. Mangat’s Ph.D. thesis (Pharmacology and Therapeutics) was conducted at the National Research Council of Canada (Institute for Biodiagnostics) and formed the foundation for Novadaq, the SPY System and other related technologies and intellectual properties. He received his B.Sc. from the University of Toronto and his Ph.D. is pending from the University of Manitoba.

About Novadaq Technologies

Novadaq Technologies (TSX:NDQ) 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's SPY Intra-operative Imaging System enables surgeons to visually assess coronary vasculature and bypass graft functionality during the course of cardiac 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.

For more information, please visit the company's website at

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. 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.

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