H.I.G. Capital News
Suzie Robinson, APR Novadaq
Technologies Inc. 972-488-6508
Novadaq Achieves Final Milestone in Intuitive Development Agreement
TORONTO, ONTARIO - August 23, 2010 - Novadaq®Technologies Inc. (TSX: NDQ), a developer of real-time imaging systems for use in the operating room, announced today that it has completed the final design review for the integration of the company’s SPY®imaging technology into the 3-D high definition imaging capabilities of the Intuitive Surgical, Inc. (NASDAQ:ISRG) da Vinci®Surgical Robotic System. Final design review completes the requirements of the final milestone outlined in Novadaq’s License and Development Agreement with Intuitive, which was signed in January 2009. Novadaq also announced that it has received the second $500,000 of the final $1M milestone payment from Intuitive. The first $500,000 of the final payment was previously received from Intuitive in May 2010 for completing the first human use of the system.
Novadaq also entered into a Supply Agreement with Intuitive in January 2009. Under terms of that agreement, Novadaq will manufacture and supply the key components required to enable fluorescence imaging with da Vinci® during robotic surgery.
“We congratulate the engineering teams from both companies who worked so well together to achieve the integration of these two innovative technologies,” said Dr. Arun Menawat, Novadaq CEO and President. “We continue to receive positive surgeon feedback related to the potential value SPY imaging could bring to robotic surgery.”
Intuitive Surgical and da Vinci are registered trademarks of Intuitive Surgical, Inc.
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 30 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 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.
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.