Healthcare Industry News: Novadaq Technologies
News Release - April 23, 2007
Xillix Agrees to Sell Portfolio of Fluorescence Endoscopy Patents to NovadaqRICHMOND, BC, April 23 (Healthcare Sales & Marketing Network) - Xillix Technologies Corp. (TSX: XLX ), announced today that it has entered into an asset purchase agreement to sell certain business assets, including its intellectual property, certain capital assets and inventory, to Novadaq Technologies Inc. Novadaq is a developer of real-time medical imaging systems and image guided therapies for the operating room, based in Toronto, Ontario. The common shares of Novadaq are listed and posted for trading on the Toronto Stock Exchange under trading symbol "NDQ".
The intellectual property which Xillix has agreed to sell to Novadaq includes Xillix's auto-fluorescence and multi-modal imaging portfolio of 31 issued patents and multiple pending applications in the United States, Japan and Europe. The sale also includes rights to innovative fluorescence imaging technologies.
In exchange for the assets which Xillix has agreed to sell to Novadaq, Novadaq has agreed to pay Xillix consideration in the amount of CDN $3,000,000 at closing, of which $1,075,000 will be paid in cash and CDN $1,925,000 will be paid in cash or, at Novadaq's election, common shares of Novadaq (based on the volume weighted average trading price of Novadaq's common shares on the Toronto Stock Exchange for the five trading days preceding the execution of the asset purchase agreement). Closing of the transaction, currently scheduled to occur in early May 2007, is subject to a number of conditions, including (among others) the approval of the transaction by the Supreme Court of British Columbia pursuant to Xillix's CCAA proceedings and the approval of Novadaq's issuance of shares by the Toronto Stock Exchange.
Xillix Technologies Corp. is a Canadian medical device company. Xillix is currently under creditor protection pursuant to CCAA proceedings. Xillix's currently approved device, Onco-LIFE(TM), incorporates fluorescence and white-light endoscopy in a single device that has been developed for the detection and localization of lung and gastrointestinal (GI) cancers. An international multicenter lung cancer clinical trial of Onco-LIFE demonstrated a 325% per-lesion improvement in the detection of early lung cancer (moderate-severe dysplasia and carcinoma in situ) and a 250% per-patient improvement compared to white-light alone. Onco-LIFE is approved for sale in the United States for the lung application and in Europe, Canada and Australia for both lung and GI applications. The Company also recently announced that it has developed a new product, LIFE Luminus(TM), designed to allow fluorescence imaging of the colon using conventional video endoscope technology.
"Statements contained in this document which are not based on historical fact, including without limitation, statements containing the words "may", "will", "plans", "intends", "expects", "anticipates", "believes", "estimate", "continue" and similar expressions, constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements contained in this document may involve, but are not limited to, statements relating to the Company's objectives, priorities, strategies, actions, targets, expectations and outlook. Forward-looking statements are necessarily based upon assumptions and predictions with respect to the future, including but not limited to the factors referred to below. As a result, forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied thereby. These risks, uncertainties and other factors include, but are not limited to the factors referred to in the Company's Annual Information Form dated March 28, 2006 and its other filings with the applicable Canadian securities regulatory authorities. In light of these uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements, and the Company assumes no obligation to update or revise such information to reflect later events or developments, except as required by law."
Source: Xillix Technologies
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