Toronto, Ontario - May 2, 2005 Novadaq Technologies ("Novadaq") announced today the appointment of Robert G. Devenyi, M.D. to the position of Chief Ophthalmalogical Advisor. Dr. Devenyi is a specialist in ophthalmology at University Health Networks Toronto. In his new part time position at Novadaq, he will advise with respect to clinical, product and market development of Novadaq's Wet AMD product, the OPTTX System. Dr. Devenyi will continue his clinical and academic pursuits while at Novadaq.

"The addition of a physician of Dr. Devenyi's calibre and expertise significantly strengthens our medical expertise," said Arun Menawat, President and CEO of Novadaq Technologies. "His extensive clinical experience and strong industry relationships will help further our initiatives related to commercializing our OPTTX System, which we believe will unlock the therapeutic potential of Feeder Vessel Therapy (FVT)."

Dr. Devenyi is currently the Ophthalmologist-in-Chief and the Director of Retinal Services at the University Health Networks where he has been working since 1988. For the last 17 years he has also been a Professor of Ophthalmology at the University of Toronto, and the Team Ophthalmologist for the Toronto Maple Leafs. Dr. Devenyi has received various teaching awards and has authored numerous scientific and clinical articles. Dr. Devenyi has been one of a select number of retinal specialists that have been pioneering the development of FVT.

"Many retinal specialists already have an awareness of FVT and an understanding of its potential benefits as a therapeutic approach to patients suffering from Wet AMD," said Dr. Devenyi. "The possibility of developing a safe and targeted treatment that applies the principles of FVT with the potential to become the first line of therapy for Wet AMD is an exciting break through for clinical treatment."

About AMD

Affecting more than 15 million Americans, AMD is the leading cause of severe vision loss in people 50 years of age or older. There are 2 types of AMD, wet and dry. Wet AMD accounts for approximately 10 % of all AMD cases, yet it causes approximately 90% of blindness associated with AMD. Patients with Wet AMD experience abnormal blood vessel growth (known as choroidal neovascularization, or CNV) in the back of their eyes. These abnormal blood vessels, which are fed by at least one blood vessel called a feeder vessel (FV), are thin and porous, and therefore blood and fluid leak into the space below the retina. This causes the retina to be lifted upward, which disturbs the focus of the eye. As the condition worsens, the blood and fluid leakage causes damage to the retinal cell layer, which results in loss of central vision.

About FVT

FVT uses a targeted photocoagulating laser to close the feeder vessel(s), thereby causing the collapse of the CNV that is fed by the FV. It is hypothesized that the collapse of the CNV substantially prevents further damage to the patient's vision, and may actually improve vision by allowing the retina to settle back into its original place.

Novadaq's AMD Treatment, the OPTTX System

Novadaq has developed a unique approach to the diagnosis and treatment of AMD by combining the functions of two devices traditionally employed in conventional FVT, into one. The first function of the OPTTX System is to provide very high speed and high-resolution images of the vascular landscape behind the retina, allowing a retinal specialist to see the FVs. The second function of the OPTTX System is to close these vessels by focusing an infra-red laser beam onto them. The OPTTX System utilizes the fluorescent properties of ICG to enable retinal specialists to clearly visualize FVs in real time throughout the procedure, enhancing the accuracy and precision of FV closure. Allowing physicians to see in real time both the FVs and the closure of the FVs marks a major technological breakthrough in comparison to other systems designed to perform FVT.