Novadaq Technologies Inc.

Novadaq Technologies Inc.

April 16, 2009 09:00 ET

Novadaq Receives First Development Milestone Payment From Intuitive Surgical

TORONTO, ONTARIO--(Marketwire - April 16, 2009) - Novadaq® Technologies Inc. (TSX:NDQ), a developer of real-time medical imaging and image guidance systems for use in the operating room, announced today that it has received a $1,000,000 payment from Intuitive Surgical Inc. (NASDAQ:ISRG) for achieving the first pre-defined milestone outlined in the terms of their License and Development Agreement signed in January 2009. Under the agreement, Novadaq and Intuitive are working together to integrate Novadaq's proprietary SPY® imaging technology into the 3D high definition imaging capabilities of Intuitive's da Vinci® Surgical Robotic System.

In late 2007, Novadaq and Intuitive began exploring the use of SPY imaging during minimally invasive surgical robotic procedures to potentially enable surgeons to visualize blood flow in vessels, tissue perfusion, tumors, tumor margins, and the lymphatic system in real-time. That collaboration resulted in the signing of two multi-year agreements between the companies in January 2009. Under the License and Development Agreement, Novadaq has received an upfront license payment and the first of a total of three milestone payments. Following commercialization of the integrated system, Novadaq will also receive royalty payments for each da Vinci® Surgical System sold with, or upgraded to include SPY imaging. The Supply Agreement names Novadaq as Intuitive's exclusive supplier of a key component of the electronic sub-system that enables the fluorescence imaging capability, and the consumable fluorescence agent used in each imaging procedure.

Intuitive® and da Vinci® are trademarks or registered trademarks of Intuitive Surgical, Inc.

About Novadaq Technologies Inc.

Novadaq develops and commercializes real-time imaging and image guidance systems for use in the operating room. Novadaq's SPY® Imaging System uniquely enables surgeons to visualize blood vessels, tumors, tumor margins, blood flow and the lymphatic system in real-time during surgery. This core technology is now being applied to and across multiple surgical markets such as cardiac, plastic and reconstructive, urological, general, micro and transplant. The PINPOINT™ System for endoscopic autofluorescence imaging is Novadaq's first minimally invasive product. PINPOINT allows surgeons to differentiate between healthy and cancerous tissue in the lung and other hollow organs. Expanding its portfolio of minimally invasive products, Novadaq's SPY scope combines the typical features of a standard endoscope with the capabilities of SPY imaging. The SPY scope may unlock the full potential of certain minimally invasive surgeries by effectively addressing the limited field of vision that has until now constrained surgeons. Novadaq also leverages its core technology to offer the OPTTX® System, which is designed for the diagnosis, evaluation and treatment of wet Age-related Macular Degeneration (AMD). Novadaq is the exclusive United States distributor of PLC Medical's CO2 HEART LASER™ System, which is used in the same cardiac procedures as the SPY Imaging System. For more information, please visit the company's website at

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, results of future clinical tests of PINPOINT, SPY scope and the SPY Imaging System, 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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