Healthcare Industry News: Intra-operative Imaging
News Release - September 8, 2006
Novadaq Announces European Distribution Contract with KodakNew Contract Adds to Kodak's Role as U.S. Service Provider for Novadaq's SPY System
TORONTO, Sept. 8 (HSMN NewsFeed) - Novadaq® Technologies Inc. (TSX: NDQ ), a developer of medical imaging systems for the operating room, today announced it has signed an agreement with Eastman Kodak Company, authorizing Kodak to be the sole European and Emerging Markets distributor of Novadaq's SPY® Intra-operative Imaging System which is used during cardiac surgery. Under the agreement, Kodak will sell Novadaq's SPY System directly and through dealers to healthcare providers across Europe and Emerging Markets.
"Cardiac surgeons have seen the significant benefits the SPY System provides during cardiac surgery, including coronary artery bypass graft surgery which is one of the most challenging surgeries performed," said Dr. Arun Menawat, President and Chief Executive Officer of Novadaq Technologies Inc. "With Kodak's worldwide presence in the medical imaging market, we expect to see a successful rollout of the SPY System in Europe and Emerging Markets just as we have in the U.S."
"Kodak has strong relationships with physicians and hospitals throughout the world and an experienced and knowledgeable sales force that healthcare providers trust," said Gordon Moore, Product Line Manager, MVES Surgical Imaging. "Together our companies will strive to accelerate the acceptance of the SPY System to make it the standard of care during cardiac surgery."
Novadaq's SPY System is a fluorescent imaging system that enables cardiac surgeons to assess coronary vasculature, and to identify and revise anatomic and technical deficiencies while the patient is still in the operating room.
In 2005, Novadaq selected Kodak as the sole U.S. service provider for the SPY System, based on its expertise in medical imaging and geographic coverage offered by its extensive Services organization. Kodak currently is servicing an install base of SPY Systems in over 50 leading healthcare facilities in the U.S.
About Kodak's Health Group
Kodak's Health Group, with 2005 revenues of $2.65 billion, is a world leader in supplying the medical and dental professions with advanced healthcare products, services and information technology solutions. Its broad portfolio includes picture archiving and communications systems (PACS), radiology information systems (RIS), healthcare information systems, computed radiography (CR) and digital radiography (DR) systems, laser imagers, mammography and oncology systems, x-ray film systems, dental imaging products, and a range of consulting - as well as repair and maintenance - services.
Kodak is the world's foremost imaging innovator, providing leading products and services to not only healthcare customers, but to the photographic and graphic communications markets. With sales of $14.3 billion in 2005, the company is committed to a digitally oriented growth strategy focused on helping people better use meaningful images and information in their life and work. Consumers use Kodak's system of digital and traditional image capture products and services to take, print and share their pictures anytime, anywhere; Businesses effectively communicate with customers worldwide using Kodak solutions for prepress, conventional and digital printing and document imaging; and Creative Professionals rely on Kodak technology to uniquely tell their story through moving or still images.
For more information about Kodak's Health Group, contact your Kodak representative or visit www.kodak.com/go/health.
KODAK is a trademark of Eastman Kodak Company.
© Eastman Kodak Company, 2006
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 and ophthalmic 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 surgery. Novadaq's ophthalmic product, the OPTTX® System, 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. Novadaq filed for CE Mark for the OPTTX System at the end of Q2 2006 and expects a limited launch in Europe by year end. Novadaq's product for urology, LUNA(TM) is designed to enable surgeons to visualize nerve bundles during the course of urological procedures such as radical prostatectomy in order to reduce negative outcomes including 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, and plans and objectives of or involving Novadaq. Particularly, information regarding future sales and marketing activities, the future roll-out of the SPY System in Europe and Emerging Markets, future revenues and research and development activities, expectations for regulatory approval and commercial launch of the OPTTX System, as well as the Company's plans for each of the SPY, OPTTX and Luna Systems, is forward-looking information.
Forward-looking information is based on certain factors and assumptions regarding, among other things, current sales and distribution plans, market acceptance and the rate of market penetration of Novadaq's SPY System, the clinical results of the use of the SPY System, the results from clinical tests of the OPTTX System, the likelihood of regulatory approval in Europe for the OPTTX System, potential opportunities in the AMD treatment market, and potential opportunities in image guided conventional and minimally invasive urological applications including nerve-sparing radical prostatectomy. 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 the transition from research and development activities to commercial activities, market acceptance and adoption of the SPY System, sales and distribution risks, dependence on key suppliers for components of the SPY System and the OPTTX System, regulatory and clinical risks, risks relating to the protection of intellectual property, risks inherent in the conduct of research and development activities, including the risk of unfavorable or inconclusive clinical trial outcomes, potential product liability, competition and the risks posed by potential technological advances, and risks relating to fluctuations in the exchange rate between the US dollar and the Canadian dollar.
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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