| CMS Includes New Procedure Code for SPY Angiography in Rules Effective October 1, 2007 |
|
Toronto, Ontario – April 16, 2007 – Novadaq® Technologies Inc. (TSX: NDQ), a developer of real-time medical imaging systems and image guided therapies for the operating room, announced today that the United States (US) Centers for Medicare and Medicaid Services (CMS) Fiscal 2008 Rules include a new ICD-9-CM Procedure Code for Intra-operative Fluorescence Vascular Angiography, which can be performed using SPY Imaging Systems. 88.59 – Intra-operative fluorescence vascular angiography The new ICD-9-CM Procedure Code, effective October 1, 2007, will be used by hospitals to bill for costs associated with SPY Intra-operative Imaging procedures performed by cardiac surgeons in the operating room. Designation of a code in the international classification system could represent an important milestone in establishing intra-operative angiography as a standard of care. “This code is tremendously important in supporting our ability to measure the impact of intra-operative imaging on the quality of care for coronary artery bypass patients at the health policy level,” said T. Bruce Ferguson, MD, Professor and Assoc Chief, Division of CT and Vascular Surgery, Division of Clinical Effectiveness, Department of Surgery, Brody School of Medicine at East Carolina University. “This ICD-9-CM code, one of only a few new codes designated by CMS for use in cardiac surgery since 2000, validates that intra-operative imaging with SPY is an important service for cardiac surgery patients,” said Dr. Arun Menawat, President and Chief Executive Officer of Novadaq Technologies Inc. “We are very pleased CMS recognized that the published clinical data supporting the benefits of the SPY System in cardiac surgery positively describes the impact SPY can have on the course of surgery and the procedural outcomes. The new code should enable more hospitals in the United States to offer the SPY procedure as a standard of care.” The SPY System, cleared by the FDA in January 2005, is the only technology available to perform intra-operative fluorescence vascular angiography and image guided coronary artery bypass surgery. Approximately 400,000 patients in the United States undergo heart bypass surgery each year. About Novadaq TechnologiesNovadaq 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 imaging platform can be used to visualize blood vessels, nerves and the lymphatic system during surgical procedures. Novadaq's SPY(R) Intra-operative Imaging System, commercially available worldwide, enables cardiac surgeons to visually assess coronary vasculature and bypass graft functionality during the course of open-heart surgery. Novadaq's OPTTX (R) System which received CE Mark approval in November 2006, 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 System. The HELIOS(TM) System, which received FDA clearance in January 2007, is the first fluorescent imaging system available for use during plastic reconstructive surgery allowing surgeons to evaluate pre- and intra-operative blood flow, as well as post-surgery perfusion. Novadaq's LUNA(TM) system is designed to enable surgeons to visualize nerve bundles during the course of urological and neurological procedures. LUNA has been granted a license for use by Health Canada. For more information, please visit the company's website at www.novadaq.com. Forward-looking Statements and Associated RisksCertain 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. Without limiting the generality of the foregoing, there can be no assurance that the FDA will approve additional or alternative means of obtaining ICG in the United States in the near-term; any material continued inability of Novadaq to obtain FDA-approved ICG could adversely affect Novadaq’s ability to sell its systems and products and continue clinical trials, which (individually or in the aggregate) could have a material adverse effect on Novadaq’s business, operations and prospects. 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. For further information visit our website at www.novadaq.com, or contact:
Arun Menawat, PhD, MBA |