Novadaq Technologies Inc.

Novadaq Technologies Inc.

March 29, 2007 08:00 ET

Novadaq Provides Update on Status of ICG Supply in United States

TORONTO, ONTARIO--(Marketwire - Mar. 29, 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 market update on the status of the supply of Indocyanine Green
(ICG). On January 19, 2007, the United States Food and Drug Administration
(FDA) advised of a shortage of ICG. In its advisory, the FDA advised that
Akorn, Inc. (Akorn), currently the sole supplier of ICG in the United States,
had filed a manufacturing site change supplement for ICG with the FDA and is
working with the FDA Drug Shortage team and the CDER Reviewing Division to
bring this product to market in an expedited manner.

While Akorn had previously advised that its current inventory of ICG had
an expiration date through the end of January 2007, Novadaq's policy of
maintaining a six month supply of ICG has permitted it to have ICG
inventory-on-hand with an expiration date to the end of March 2007.

Novadaq understands from Akorn that it has a current inventory of ICG
that could be shipped immediately following FDA approval and that it is
working closely with the FDA in order to facilitate that approval by the end
of March or early April, 2007. Novadaq also understands that Pulsion Medical
Systems expects FDA approval for its ICG during the second half of 2007. In
the interim, Novadaq has provided to the FDA data which may be used by the FDA
to support an extension of the expiration date of its current

"Given the FDA's policy to help prevent or alleviate shortages primarily
of medically necessary drug products, and our understanding of the current
efforts of Akorn, the FDA and others, we remain cautiously optimistic that the
current ICG shortage will be resolved in the near term," said Dr. Arun
Menawat, President and Chief Executive Officer of Novadaq Technologies Inc.
"Based on our discussions and other correspondence with the FDA and Akorn, we
are encouraged by the level of co-operation and attention being given to this
matter. However, like many companies in the United States whose products
require ICG and who are dependent upon the FDA and Akorn to resolve this drug
shortage, any significant delay in obtaining ICG could have a material adverse
effect on our ability to sell our systems and products and to continue
clinical trials. This issue has no impact on Novadaq's newly acquired
agreement for the distribution of Transmyocardial Therapy (TMR) products of
PLC Medical System Inc."

About Novadaq Technologies

Novadaq Technologies Inc. (TSX:NDQ) develops and commercializes medical
imaging devices 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® 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 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 HELIOSTM 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 LUNATM 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. 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. Without limiting the generality of the
foregoing, there can be no assurance that the FDA will approve Akorn's ICG
inventory or Pulsion's ICG for distribution in the United States as currently
anticipated or at all or that the FDA will approve Novadaq's application for
an extension of the expiration date of its ICG inventory-on-hand; 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.

For further information: visit our website at

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