Novadaq Receives Second Development Milestone Payment from Intuitive
TORONTO, ONTARIO – March 24, 2010 – Novadaq® Technologies Inc. (TSX: NDQ), a developer of real-time medical imaging systems for use in the operating room, announced today that it has received a $1,000,000 payment from Intuitive Surgical®, Inc. (NASDAQ:ISRG) for achieving the second predefined milestone outlined in the terms of their License and Development Agreement signed in January 2009. Under the agreement, Novadaq and Intuitive are working together to integrate Novadaq’s proprietary SPY® imaging technology into the 3D high definition imaging capabilities of Intuitive’s da Vinci® Surgical Robotic System. In addition, Novadaq has also received approximately $300,000 in fees for engineering services provided to Intuitive.
The integration of SPY imaging into the da Vinci Surgical Robotic System will enable surgeons performing minimally invasive surgical robotic procedures to simultaneously acquire SPY fluorescence images.
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.
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.