Toronto, Ontario – May 4, 2007 – Novadaq®Technologies
Inc. (TSX: NDQ), a developer of real-time medical imaging systems and image
guided therapies for the operating room, is pleased to announce that it
has priced its previously announced private placement. Novadaq intends
to issue approximately 2.0 million common shares at a price of $7.50 per share,
for aggregate gross proceeds of approximately $15.0 million. The common shares
will be offered through a syndicate of agents, led by RBC Dominion Securities
Inc. and including Blackmont Capital Inc. and Versant Partners Inc.
Closing of the offering is expected to be on or about May 23, 2007 subject
to certain customary conditions, including the entering into of definitive
agreements on customary terms, and the receipt of all necessary regulatory
approvals, including the approval of the Toronto Stock Exchange.
The net proceeds from this offering will be used to fund ongoing product research
and development efforts, sales and marketing expenses and recent acquisitions
including the exclusive distribution rights to PLC Medical System Inc.'s
Heart Laser System™ for transmyocardial revascularization (TMR) in
the United States, the acquisition of certain business assets of Xillix Technologies
Corp., and for general corporate purposes.
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 "US Securities Act") or any state
securities laws and may not be offered or sold within the United States or
to US persons unless registered under the US Securities Act and applicable
state securities laws or an exemption from such registration is available.
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 imaging platform can be used to visualize
blood vessels, nerves and the lymphatic system during surgical procedures.
Novadaq's SPY® 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® 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™ 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™ 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. Novadaq is also the exclusive United States
distributor of PLC Medical’s CO² HEART LASER™ System for
TMR (Trans-Myocardial Revascularization). For more information, please
visit the company's website at www.novadaq.com.
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, including (among other matters) that Novadaq
will complete its proposed private placement, which is being marketed
on a best-efforts agency basis, on the terms described herein or
at all. 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
President & CEO
Novadaq Technologies Inc.
Phone: 905-629-3822 x 202
amenawat@novadaq.com
Investor Relations:
Michael Moore
The Equicom Group
Phone: 416-815-0700 x 241
mmoore@equicomgroup.com
