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Novadaq's SPY Imaging System named Product of the Year by Frost and Sullivan

TORONTO, Dec. 12 /PRNewswire-FirstCall/ - Novadaq(R) Technologies Inc. (TSX: NDQ), a developer of real-time medical imaging systems and image guided therapies for the operating room, today announced that it is the recipient of the Frost & Sullivan North American Medical Imaging Product of the Year award for its SPY(R) Intra-operative Imaging System. Novadaq company executives were recognized during Frost & Sullivan's 2007 Excellence in Healthcare Opportunities Award Banquet held December 5th, 2007 in Orlando, Florida.

"I am so proud of the creative, and committed team at Novadaq whose efforts are reflected in this honor," said Novadaq President and CEO Arun Menawat. "Our mission is to greatly improve the lives of patients undergoing complex surgical procedures such as cardiac surgery, by enabling surgeons with clinically relevant intra-operative imaging."

SPY is the first and only fluorescent imaging system cleared by the U.S. Food and Drug Administration (FDA) that enables cardiac surgeons to visually assess bypass graft functionality during coronary artery bypass procedures. SPY is also ideal for use during technically demanding plastic and reconstructive surgical procedures such as breast reconstruction and other demanding free flap surgeries.

SPY combines a fluorescent imaging agent, a sophisticated laser light source and high-speed imaging to produce real-time images during the course of surgery in the operating room. The use of SPY has been shown in independent clinical studies reported in peer reviewed literature to reduce complications, improve patient outcomes and reduce the incidence of repeat cardiac procedures. The SPY technology is also cleared for use in plastic and reconstructive micro-surgery, and is being evaluated for its potential in organ transplantation, pediatric surgical and urological procedures.

"Novadaq's introduction of SPY, a flexible and easy to use intra-operative imaging system, has the potential of revolutionizing the quality of surgical procedure in the operating room," said Frost & Sullivan Industry Analyst Samantha Barbosa. "For the first time, imaging can now be part of the continuum of therapeutic care before, during and after surgery for better patient outcomes."

Earlier this year, the United States Centers for Medicaid and Medicare issued a new procedure code for imaging procedures performed using the SPY System during cardiac surgery. This year's recognition of SPY is the second time Frost & Sullivan has acknowledged Novadaq's contribution to medical technology development. The global growth consulting company honored the SPY System in 2006 as its Cardiac Imaging Technology Innovation of the Year recipient.

About Best Practices

Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.

About Frost & Sullivan

Frost & Sullivan, the Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Career Best Practices empower clients to create a growth focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan's Growth Partnerships, visit

About Novadaq Technologies

Novadaq Technologies Inc. (TSX: NDQ) develops and commercializes medical imaging systems and real-time image guided therapies for use in the operating room. Novadaq's proprietary ICG imaging systems can be used to visualize blood vessels, nerves and the lymphatic system during a variety of surgical procedures. Novadaq's SPY(R) Imaging System, commercially available worldwide, enables cardiac surgeons to visually assess coronary vasculature and bypass graft functionality during the course of heart bypass surgery. The SPY System is expandable to include upgrade kits for use during other surgeries such as plastic, reconstructive and organ transplant surgery allowing surgeons to evaluate blood flow and tissue and organ perfusion. In addition, SPY is ideal for use during urological procedures enabling surgeons to visualize vessels, tumors, the lymphatic system and potentially nerve bundles. Novadaq's OPTTX(R) 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 Imaging System. Novadaq also offers the FDA approved PINPOINT(TM) endoscopic system for visualizing native tissue fluorescence which allows surgeons to differentiate between healthy and cancerous tissue in the lung during thoracic surgery. Novadaq is also the exclusive United States distributor of PLC Medical's CO(2) HEART LASER(TM) System for TMR (Trans-Myocardial Revascularization). For more information, please visit the company's website at

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. 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.

SOURCE Novadaq Technologies Inc.
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