Novadaq Technologies Inc.

Novadaq Technologies Inc.

July 05, 2005 09:00 ET

Novadaq, Sorin Group and Kodak Sign Strategic Agreements for SPY, an Intra-Operative Imaging System to Benefit Heart Surgery

TORONTO, ONTARIO, and MILAN, ITALY and ROCHESTER, NEW YORK--(Marketwire - July 5, 2005) - Novadaq™ Technologies and CarboMedics of the Sorin Group, a world leader in medical technologies for cardiac surgery, today announced that they have signed a North American agreement to distribute the SPY™ Intra-operative Imaging (“SPY”) System, a real-time visual imaging device for use during coronary artery bypass graft surgery (CABG). Concurrently, Novadaq and Kodak Corporation, a global leader in medical imaging, are finalizing a United States service agreement to provide on-going service and maintenance for the SPY System.

CarboMedics, which pioneered the mechanical heart valve market, offers a strong sales management team, focusing exclusively on cardiovascular surgical products. Sorin Group's distribution system handles sales, customer care, order management and technical support.

"CarboMedics and the entire Sorin Group have strong relationships with cardiac surgeons and their operating room teams throughout North America and an experienced, knowledgeable sales force and management. Similarly, Kodak’s global service organization is recognized for providing superior service and support for advanced imaging systems like the SPY System,” said Arun Menawat, President and CEO of Novadaq Technologies. "Together our companies will strive to accelerate the acceptance of the SPY System to make it the standard of care during heart bypass surgery." There are more than 400,000 CABG surgeries performed in North America each year. The SPY System is the only procedure that allows real-time visual confirmation of revascularization during CABG surgery thereby allowing bypass graft technical errors to be detected and corrected while the patient is still in the operating room.

“Our direct national sales organization has a strong track record of introducing and driving the adoption of high quality innovative products in the cardiac operating room,” said Rodger Stewart, President, Sorin Group North America. “We are excited about representing the SPY System, as it perfectly complements our current product offerings and represents the type of innovation that as an organization we can get behind and effectively elevate to the level of standard of care.”

“Kodak offers healthcare organizations and device manufacturers the opportunity to efficiently and economically meet a variety of service needs allowing our partnered companies to focus on their core competencies,” said John T. Farrell, General Manager, Services, Kodak’s Health Group. “We offer this diverse service throughout the United States, Canada and selected countries worldwide.”

About the SPY Intra-operative Imaging System

Novadaq’s SPY Intra-operative Imaging System has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for use during CABG surgery. SPY is the first intra-operative fluorescent imaging system that enables cardiac surgeons to confirm the location of the coronary arteries and assess bypass graft functionality during coronary artery bypass procedures. The SPY™ System enables the surgeon to view, record, replay, print and archive high quality real-time images of the coronary arteries and bypass grafts.

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 (SPY) enables surgeons to visually assess coronary vasculature and bypass graft functionality during the course of CABG surgery. Novadaq's ophthalmic product, OPTTX™ System, is aimed at the diagnosis and treatment of Wet Age Related Macular Degeneration (AMD) by using the same core imaging technology that is used in the SPY. The OPTTX System is currently being evaluated in clinical trials.

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

About Sorin

Sorin Group (Reuters code: SRN.MI), a world leader in the development of medical technologies for cardiac surgery, offers innovative therapies for cardiac rhythm dysfunctions, interventional cardiology and the treatment of chronic kidney diseases. The companies of the Sorin Group are: Bellco, CarboMedics, COBE Cardiovascular, Dideco, ELA Medical, Mitroflow, Soludia, Sorin Biomedica and Stöckert. Sorin Group has about 4,700 employees working at facilities in more than 80 countries throughout the world to serve over 5,000 public and private treatment centers.

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

About Kodak’s Health Group

Kodak’s Health Group is a world leader in supplying the medical and dental professions with advanced healthcare products, services and information technology (IT) solutions. Its broad product portfolio includes picture archiving and communications systems (PACS), radiology information systems (RIS), enterprise and departmental healthcare information systems, computed radiography (CR) and digital radiography (DR) systems, laser imagers, mammography systems, x-ray film systems for general radiography, and dental imaging products. Its broad services portfolio includes everything from repair and maintenance, to professional services encompassing equipment integration, business consulting, storage and archiving, secure e-mail services – and more.

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.

Contact Information