H.I.G. Capital News
Novadaq Technologies Inc.
Novadaq Enters Into Asset Purchase Agreement with PLC Systems for TMR
TORONTO, ONTARIO-November 8, 2010-Novadaq® Technologies Inc. (TSX: NDQ), a developer of real-time imaging systems for use in the operating room, announced today that it has entered into a definitive asset purchase agreement with PLC Systems Inc. (“PLC”) for the CO2 Heart Laser™ System for Transmyocardial Revascularization (“TMR”). Novadaq has been the exclusive United States distributor of PLC’s products for TMR since March 2007.
Under terms of the agreement, Novadaq will acquire all assets employed by PLC in the TMR business including manufacturing rights, product inventories, equipment, intellectual property, regulatory approvals, clinical data and all documentation related to TMR. The purchase price consists of $1,000,000 in cash and the assumption of PLC’s obligations under service contracts valued at approximately $700,000.
The purchase would increase Novadaq’s TMR sales opportunity to include markets outside of the United States.
Completion of the asset purchase agreement is subject to the approval of PLC’s shareholders and is expected to close within 90 days.
About Novadaq Technologies Inc.
Novadaq Technologies develops and markets real-time fluorescence imaging technology products for use in the operating room. The company’s primary core technology platform, SPY Imaging, provides clinically relevant, anatomic and physiologic images during a variety of complex open and minimally invasive surgical (MIS) procedures. SPY empowers surgeons treating life threatening diseases to more effectively treat vascular blockages; assess tissue perfusion; identify cancerous tumors and delineate margins; and visualize relevant lymph nodes for removal. More than 40 peer-reviewed publications demonstrate that SPY imaging leads to fewer post-operative complications and reduced hospital costs. The endoscopic SPY system (a SPY scope) combines all of the capabilities of SPY imaging with state-of- the- art high definition (HD) white light visualization offered by conventional endoscopes. The company’s key markets include plastic reconstructive, gastrointestinal, cardiac and general surgery. To realize the full potential of its technology platform, Novadaq explores technology alliances. Novadaq announced its first alliance with Intuitive Surgical Inc., in January 2009, to integrate SPY imaging into the 3-D HD imaging capabilities of the da Vinci® Surgical Robotic System. In addition, Novadaq entered into an exclusive, North American sales and marketing alliance with LifeCell Corporation in plastic and reconstructive, gastrointestinal and head and neck surgery in September 2010. Novadaq is the exclusive United States distributor of PLC Medical’s CO2 HEART LASER System. For more information, please visit the company's website at http://www.novadaq.com.
Forward Looking Statement:
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 the SPY Imaging System and SPY scope, 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.