Novadaq Technologies Inc.

Novadaq Technologies Inc.

December 12, 2007 14:53 ET

Novadaq's SPY Imaging System Named Product of the Year by Frost and Sullivan

TORONTO, ONTARIO--(Marketwire - Dec. 12, 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
announced that it is the recipient of the Frost & Sullivan North American
Medical Imaging Product of the Year award for its SPY® Intra-operative
Imaging System. Novadaq company executives were recognized during Frost &
Sullivan's 2007 Excellence in Healthcare Opportunities Award Banquet held
December 5th, 2007 in Orlando, Florida.

"I am so proud of the creative, and committed team at Novadaq whose
efforts are reflected in this honor," said Novadaq President and CEO Arun
Menawat. "Our mission is to greatly improve the lives of patients undergoing
complex surgical procedures such as cardiac surgery, by enabling surgeons with
clinically relevant intra-operative imaging."

SPY is the first and only fluorescent imaging system cleared by the U.S.
Food and Drug Administration (FDA) that enables cardiac surgeons to visually
assess bypass graft functionality during coronary artery bypass procedures.
SPY is also ideal for use during technically demanding plastic and
reconstructive surgical procedures such as breast reconstruction and other
demanding free flap surgeries.

SPY combines a fluorescent imaging agent, a sophisticated laser light
source and high-speed imaging to produce real-time images during the course of
surgery in the operating room. The use of SPY has been shown in independent
clinical studies reported in peer reviewed literature to reduce complications,
improve patient outcomes and reduce the incidence of repeat cardiac
procedures. The SPY technology is also cleared for use in plastic and
reconstructive micro-surgery, and is being evaluated for its potential in
organ transplantation, pediatric surgical and urological procedures.

"Novadaq's introduction of SPY, a flexible and easy to use
intra-operative imaging system, has the potential of revolutionizing the
quality of surgical procedure in the operating room," said Frost & Sullivan
Industry Analyst Samantha Barbosa. "For the first time, imaging can now be
part of the continuum of therapeutic care before, during and after surgery for
better patient outcomes."

Earlier this year, the United States Centers for Medicaid and Medicare
issued a new procedure code for imaging procedures performed using the SPY
System during cardiac surgery. This year's recognition of SPY is the second
time Frost & Sullivan has acknowledged Novadaq's contribution to medical
technology development. The global growth consulting company honored the SPY
System in 2006 as its Cardiac Imaging Technology Innovation of the Year

About Best Practices

Frost & Sullivan Best Practices Awards recognize companies in a variety
of regional and global markets for demonstrating outstanding achievement and
superior performance in areas such as leadership, technological innovation,
customer service, and strategic product development. Industry analysts compare
market participants and measure performance through in-depth interviews,
analysis, and extensive secondary research in order to identify best practices
in the industry.

About Frost & Sullivan

Frost & Sullivan, the Growth Consulting Company, partners with clients to
accelerate their growth. The company's Growth Partnership Services, Growth
Consulting and Career Best Practices empower clients to create a growth
focused culture that generates, evaluates and implements effective growth
strategies. Frost & Sullivan employs over 45 years of experience in partnering
with Global 1000 companies, emerging businesses and the investment community
from more than 30 offices on six continents. For more information about Frost
& Sullivan's Growth Partnerships, visit

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 ICG imaging systems can be used to visualize blood
vessels, nerves and the lymphatic system during a variety of 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 heart bypass surgery. The SPY System
is expandable to include upgrade kits for use during other surgeries such as
plastic, reconstructive and organ transplant surgery allowing surgeons to
evaluate blood flow and tissue and organ perfusion. In addition, SPY is ideal
for use during urological procedures enabling surgeons to visualize vessels,
tumors, the lymphatic system and potentially nerve bundles. Novadaq's 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 Imaging System. Novadaq also offers the FDA approved
PINPOINT™ endoscopic system for visualizing native tissue fluorescence
which allows surgeons to differentiate between healthy and cancerous tissue in
the lung during thoracic surgery. Novadaq is also the exclusive United States
distributor of PLC Medical's CO(2) HEART LASER™ System for TMR
(Trans-Myocardial Revascularization). 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, 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.

For further information: visit our website at

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