Novadaq Technologies Inc.
TSX : NDQ

Novadaq Technologies Inc.

July 16, 2007 07:00 ET

Novadaq Provides Further Update on Status of ICG Supply

TORONTO, ONTARIO--(Marketwire - July 16, 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, today
provided a further market update on the status of the supply of Indocyanine
Green (ICG). As reported by Novadaq on March 29, 2007, the United States
Food and Drug Administration (FDA) advised of a shortage of ICG on January
19, 2007. In its advisory, the FDA advised that Akorn, Inc. (Akorn),
currently the sole supplier of ICG in the United States (US), had filed a
manufacturing site change supplement for ICG with the FDA and was working
with the FDA Drug Shortage team and the Center for Drug Evaluation and
Research Reviewing Division to bring this product to market in an
expedited manner.

Novadaq has been advised that the FDA has recently approved an extension
of the expiry date of certain of Akorn's current inventory of ICG. Despite
competing market demands for ICG, Novadaq believes it has secured a sufficient
inventory of ICG that will permit it to resume those of its operations that
are dependent upon ICG in the ordinary course of business through end of
November 2007. Novadaq understands that Akorn continues to work closely to
obtain approval of its manufacturing site change request and resume production
of ICG. In addition, Pulsion Medical Systems (Pulsion), currently approved in
Europe, expects FDA approval for its ICG during the second half of 2007,
perhaps as early as the third fiscal quarter of 2007, which will ultimately
provide two suppliers in the US marketplace.

"We are pleased that cardiac surgeons in the US will now be able to
resume the use of the SPY intra-operative imaging system," said Dr. Arun
Menawat, President and Chief Executive Officer of Novadaq. "Based on our
discussions and other correspondence with the FDA, Akorn and Pulsion, we are
encouraged by the level of co-operation and attention being given to this
matter and remain cautiously optimistic that the current ICG shortage will be
resolved in the near term. However, like many companies and doctors in the US
whose products and/or procedures require ICG and who are dependent upon the
FDA to resolve this drug shortage, any significant continued delay in
obtaining ICG could have a material adverse effect on our ability to sell our
systems and products and to continue clinical trials. Fortunately, this issue
has no impact on Novadaq's newly acquired agreement for the exclusive
distribution of Transmyocardial Revascularization Therapy (TMR) product of PLC
Medical System Inc. in the US."

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
Imaging 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 (Transmyocardial Revascularization). Novadaq recently acquired a
comprehensive portfolio of minimally invasive native tissue fluorescence
imaging technology with the vision to expand the applications for this
technology in Novadaq's surgical markets. For more information, please visit
the company's website at www.novadaq.com.

Important Cautionary Statement re Forward-Looking Statements and related
Risk Factors

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. Without limiting the generality of the
foregoing, there can be no assurance that the FDA will approve further ICG
inventory from Akorn or Pulsion's ICG for distribution in the United States as
currently anticipated or at all; any material continued inability of Novadaq
to obtain FDA-approved ICG could adversely affect Novadaq's ability to sell
its systems and products and continue clinical trials, which (individually or
in the aggregate) could have a material adverse effect on Novadaq's business,
operations and prospects. 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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