Novadaq Technologies Inc.
TSX : NDQ

Novadaq Technologies Inc.

March 16, 2006 09:00 ET

Novadaq Receives Frost & Sullivan Award of Excellence - SPY System Recognized as 2006 Innovation of the Year in Medical Devices & Healthcare

TORONTO, ONTARIO--(Marketwire - March 16, 2006) - Novadaq® Technologies Inc. (TSX:NDQ), a developer of medical imaging systems for the operating room, announced today that its lead product for cardiac imaging has been recognized for excellence in the medical device industry. Arun Menawat, President and Chief Executive Officer of Novadaq, accepted the award for Cardiac Imaging Technology Innovation of the Year at last night's Frost & Sullivan Annual Excellence in Medical Devices & Healthcare Awards Banquet at the Grand Hyatt in San Francisco.

"Images taken with the SPY® System provide valuable information to cardiac surgeons about the bypass graft thereby potentially reducing or eliminating the need for repeat bypass graft surgeries," said A.N. Aditya, Medical Device Analyst at Frost & Sullivan. "The SPY System has the potential to resolve technical failures during CABG procedures and may become the gold standard for surgical management in the near future."

"We are honoured to have our lead product, the SPY System, selected by Frost & Sullivan for this prestigious award celebrating excellence in cardiac medical imaging," said Dr. Menawat. "Being named the 2006 Cardiac Imaging Technology Innovation of the Year provides additional validation of our product as we continue commercialization in the United States and around the world."

About Frost & Sullivan

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.frost.com.

About Novadaq Technologies

Novadaq® Technologies Inc. (TSX:NDQ) develops and commercializes medical devices based on its proprietary imaging platform for the diagnosis and treatment of human vascular, ophthalmic, and neurologic diseases and conditions. 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 bypass 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. Novadaq's product for nerve visualization in prostate surgery, LUNA™ is designed to enable surgeons to visualize nerve bundles during the course of radical prostatectomy in order to reduce negative outcomes including impotency.

For more information, please visit the company's website at www.novadaq.com.

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the potential for the future role of the SPY System, are assumptions regarding market acceptance of the SPY System and its future performance, which, although considered reasonable by Novadaq at the time of preparation, may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including risks relating to the acceptance of and performance by the SPY System, and could differ materially from what is currently expected. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this press release. Novadaq disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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