Healthcare Industry News: Age-related Macular Degeneration
News Release - April 18, 2006
Novadaq hires Vice President and General Manager of OphthalmologyUpdates Commercialization Strategy for OPTTX
TORONTO, April 18 (HSMN NewsFeed) - Novadaq® Technologies Inc. (TSX: NDQ ), a developer of medical imaging systems for the operating room, announced today that it has hired John Snisarenko as Vice President and General Manager of its Ophthalmology Business to execute the products commercialization strategy.
John Snisarenko joins Novadaq Technologies from Novartis Pharmaceuticals Canada Inc., where he served as the Vice President and Business Unit Head for Ophthalmics. Prior to this post, Mr. Snisarenko served as Vice President of Sales & Marketing, Optics and Ophthalmics Units for CIBA Vision Canada - a Novartis company. Mr. Snisarenko brings sector specific experience, a broad overview of the eye care market and insight to the opportunities and issues facing patients with eye related conditions. Mr. Snisarenko holds a B.Sc. in Biochemistry and an MBA in Marketing and International Business from McGill University. He currently sits on the Board of Directors for the Foundation Fighting Blindness.
The OPTTX® System, using the same core technology as the commercially available SPY System, is a single device that performs multiple functions. OPTTX is designed to enable retinal specialists to diagnose, treat and provide on-going management of patients suffering from wet Age-related Macular Degeneration (AMD). As the only imaging device with the ability to visualize the disease state of wet AMD during treatment, OPTTX allows retinal specialists to accurately diagnose and treat, by targeting and closing the abnormal feeder vessels in real-time, within a single patient visit. OPTTX also allows the retinal specialist to immediately confirm the effectiveness of the treatment.
"We are positioned to expand our portfolio of approved products as we begin the commercialization process for OPTTX only eight months after launching our first commercial product, the SPY® System for cardiac surgery in the United States," said Dr. Arun Menawat, President and Chief Executive Officer of Novadaq Technologies Inc. "John brings a wealth of commercialization experience in ophthalmology and is a perfect compliment to our executive team. I am delighted that he will lead the commercialization of the innovative OPTTX product for the treatment of ophthalmic vascular diseases."
Novadaq is in the process of preparing for CE Mark for the OPTTX System, and as previously announced, is on target to submit for this review in the first half of 2006. If Novadaq is successful in obtaining the CE Mark, the strategy is to begin commercial development activities in a limited number of key centers in the second half of 2006, with the expectation of a broader commercialization of the product in Europe in early 2007. This strategy is the same as the current approach taken with the SPY System, by giving it to a limited number of key opinion leaders to obtain valuable information on training and device requirements prior to full product launch. Europe was selected as the first market due to the nature of ophthalmological practice and patient management. In Europe, indocyanine green angiography, one of the key functions of the OPTTX System, is widely practiced and accepted as an invaluable tool to the appropriate diagnosis of many ophthalmic vascular diseases.
About Novadaq Technologies
Novadaq Technologies Inc. (TSX: NDQ ) develops and commercializes medical devices based on its proprietary imaging platform for the diagnosis and treatment of human vascular, ophthalmic, and neurologic diseases and conditions. 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 bypass surgery. Novadaq's ophthalmic product, the OPTTX System, is aimed at the diagnosis, evaluation, treatment and on-going management of wet Age- related Macular Degeneration (AMD) by using the same core imaging technology that is used in the SPY System. The OPTTX System is currently being evaluated in clinical trials. Novadaq's product for nerve visualization in prostate surgery, LUNA(TM) is designed to enable surgeons to visualize nerve bundles and the lymphatic system during the course of urological procedures, including radical prostatectomy in order to reduce negative outcomes including, but not limited to, impotency. For more information, please visit the company's website at www.novadaq.com.
This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future financial position, business strategy and strategic goals, research and development activities, projected costs and capital expenditures, financial results, research and clinical testing outcomes, taxes and plans and objectives of or involving Novadaq. Particularly, information regarding future commercialization activities and the Company's plans for the OPTTX System are forward-looking information.
Forward-looking information is based on certain factors and assumptions regarding, among other things, market acceptance of the OPTTX System and the use of feeder vessel therapy, the results from clinical tests of the OPTTX System, and potential opportunities in the AMD treatment market. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what we currently expect. These factors include risks relating to regulatory and clinical risks, risks relating to market acceptance of the OPTTX System and the use of feeder vessel therapy, risks relating to the protection of intellectual property and risks inherent in the conduct of research and development activities, including the risk of unfavorable or inconclusive clinical trial outcomes.
Please see the Company's Annual Information Form, available at www.sedar.com for a complete discussion of these and other risks and uncertainties involved in the Company's operations.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Novadaq may elect to, Novadaq is under no obligation and does not undertake to update this information at any particular time.
Source: Novadaq Technologies
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