Novadaq Technologies Inc., developers of less-invasive, innovative imaging and diagnostic technologies for a variety of vascular and non-vascular medical applications, today announced that James Richardson & Sons, Limited have made an equity investment in their company.

Novadaq Technologies, founded in April 2000, is a spin-off from the National Research Council's Institute for Biodiagnostics in Winnipeg, Manitoba. The investment further ensures Novadaq's ability to develop and market new technologies designed to significantly improve the quality of healthcare in multiple medical specialties including cardiac surgery, vascular surgery, neurosurgery, hepatology and oncology. James Richardson & Sons, Limited is a private, family owned company with headquarters in Winnipeg, Manitoba. The company maintains substantial operations in grain distribution, food processing and oil and gas exploration and continues to expand its interests in the advanced technology sectors of the new economy.

“James Richardson & Sons, Limited has enjoyed extraordinary returns in the past from early stage investing in the healthcare sector, most notably in Angiotech Pharmaceuticals”, said JRSL President, Hartley Richardson. “Our investment in Novadaq further confirms our commitment to assisting young Canadian companies in this sector. We believe that the breakthrough technologies being developed by Novadaq will positively impact healthcare throughout the world. These technologies will enable physicians to perform procedures with greater confidence and will result in improved clinical and economic outcomes.”

Novadaq plans to begin to commercialize their first product, a revolutionary intra-operative imaging system for cardiac surgery, in the summer of 2001. The system, unlike traditional angiographic systems, does not require catheterization of the coronary vessels in the operating room, which can potentially be harmful to patients, does not significantly increase operative procedural times and is not associated with any ionizing radiation.

The Novadaq Intra-operative Imaging System will enable surgeons to simply and efficiently confirm proper placement of their coronary artery bypass grafts and assess the functionality of those grafts while the patient is still on the operating room table. Use of the Novadaq system may potentially reduce the number of patients that must return to the operating room during their hospitalization for improperly functioning or potentially misplaced grafts.

The system is ideal for use in both traditional on-pump coronary artery bypass procedures, where the patient's heart is stopped and blood is pumped through the body via a heart-lung machine, and off-pump coronary artery bypass procedures, where the heart is not stopped. It may also enable more physicians to confidently perform beating heart procedures by eliminating post-operative concerns about the functionality of bypass grafts. Beating heart procedures have been associated with fewer postoperative complications, such as stroke and bleeding.

“We are extremely proud, as a young company, to be partnering with such a prestigious firm,” says Rick Mangat, one of the founders and the President of Novadaq Technologies. “James Richardson & Sons, Limited have an outstanding history of investing in companies that develop cutting edge technologies and become market leaders. Their investment in Novadaq further affirms our confidence in our ability to continue to develop exciting products that meet the needs of our customers and to attain a global market leadership position.”

Novadaq's corporate offices are in Toronto with research and development offices in Winnipeg, Manitoba and global sales and marketing offices in Vero Beach, Florida.

FOR MORE INFORMATION CONTACT

Novadaq Technologies Incorporated:

Rick Mangat, President, 416.695.3113 ext. 220

Mary Kay Baggs, Vice President of Marketing, 561.388.6074

Avi Grewal, Chief Financial Officer, 416.695.3113 ext. 210

James Richardson & Sons, Limited:

Clancy Ethans, Senior Investment Manager, 204.934.5459

National Research Council of Canada:

Valerie McPherson, Communications Officer, 204.984.4890