Novadaq Technologies Inc.

Novadaq Technologies Inc.

January 31, 2006 09:00 ET

Novadaq's SPY System Highlighted at STS' Annual Meeting Symposium - Growing Awareness of SPY Benefits Leads to Increased Adoption

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2006) - Novadaq® Technologies, Inc. (TSX:NDQ), a developer of medical imaging systems, today announced that its SPY® Intra-operative Imaging System was the topic of a continuing medical education evening symposium at the 2006 Society of Thoracic Surgeons (STS) Meeting. The symposium, entitled Intra-operative Imaging: Changing Perspectives in Coronary Bypass Surgery, was held last night at the Hilton Chicago hotel. During the STS Meeting, Novadaq also announced that they increased their install base to 26 SPY Systems in the United States.

"The subject of intra-operative imaging for this symposium was quite timely and from a quality standpoint, very important," said Dr. T. Bruce Ferguson Jr., MD, Associate Chief of Cardiothoracic and Vascular Surgery, and Director of Quality and Performance in the Department of Surgery at the Brody School of Medicine at East Carolina University. "It has set the stage for a thorough re-examination and re-evaluation of traditional concepts and current practices of coronary artery bypass graft surgery by all cardiac surgeons going forward."

"The Society of Thoracic Surgeons is an extremely important audience for us and for SPY. This event has helped us to raise our profile and increase product awareness with this influential group," said Dr. Arun Menawat, President and Chief Executive Officer of Novadaq Technologies Inc. "The benefits of SPY presented at the symposium are enabling us to update the standard of care and drive SPY adoption."

Faculty for the program included well known cardiac surgeons: Bruce W. Lytle, MD from the Cleveland Clinic Foundation; Dr. T. Bruce Ferguson Jr., MD from East Carolina University; David P. Taggart, MD, PhD from Oxford University; and Stephen E. Fremes, MD from Sunnybrook and Women's College Health Sciences Centre, joined by Course Director Michael J. Mack, MD from Medical City Dallas Hospital. Topics discussed included current challenges in cardiac surgery related to graft durability, intra-operative graft patency assessment, long-term experiences with SPY imaging, comparisons to other methods of graft assessment and the role of intra-operative imaging as a standard of care.

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 enables surgeons to visually assess coronary vasculature and bypass graft functionality during the course of cardiac 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.

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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.

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