H.I.G. Capital News
Suzie Robinson, APR Novadaq
Technologies Inc. 972-488-6508
Novadaq Announces Private Placement Offering of Units
TORONTO, ONTARIO - February 17, 2010 - Novadaq® Technologies Inc. (TSX: NDQ), a developer of real-time medical imaging systems for the operating room, is pleased to announce that it has entered into subscription agreements pursuant to which it will raise approximately $7,000,000 though private placements of units. Each unit consists of one common share and one fifth of a warrant. Each warrant has a five-year term and is exercisable for one common share at an exercise price of $3.00. Each unit will be sold for net proceeds of $2.43 per unit. All dollars expressed in this release are Canadian dollars.
Proceeds from this offering will be used to fund ongoing sales and marketing expenses, product research and development efforts, and in particular further development of the company’s minimally invasive surgical endoscopy products, and for general corporate purposes.
“We are very pleased to announce this transaction as it strengthens our balance sheet and broadens our investor base with most of the capital being raised from U.S. based institutional investors,” said Dr. Arun Menawat, Novadaq’s President and Chief Executive Officer.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities referred to above have not been and will not be registered under the United States' Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Summer Street Research Partners acted as the Company’s Placement Agent in the United States.
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.
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. The closing of the private placement of the units described in this press release is subject to customary conditions precedent, including regulatory approval, and therefore there is a risk that the private placement of the units will not close. 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 PINPOINT, SPY scope and the SPY Imaging System, 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.