Healthcare Industry News: Novadaq Technologies
News Release - October 4, 2007
Novadaq Resumes Normal Business Operations by Securing ICG for SPYAkorn Receives Approval for Alternate ICG Manufacturing Site
TORONTO, Oct. 4 (HSMN NewsFeed) - Novadaq® Technologies Inc. (TSX: NDQ ), a developer of real-time medical imaging systems and image guided therapies for the operating room, today announced has received a sufficient supply of ICG to immediately resume normal business operations. Akorn, Inc. (Buffalo Grove, Ill) currently the exclusive suppliers of indocyanine green (ICG) in the United States (US) announced on September 26, 2007 that they had have received a long awaited approval for their alternate ICG manufacturing site from the US Food and Drug Administration (FDA). The approval resolves all issues related to the short supply of ICG, which has adversely affected all users of ICG since March of 2007.
"As expected, the time it took to secure the new supply of ICG did break some of our momentum. Some of our customers chose to wait to place orders until the new ICG was introduced," said Dr. Arun Menawat, President and CEO. "However, now that we have resumed our normal operations our sales team is executing on the pipeline of new potential installs and I am pleased with their progress".
Novadaq understands that a second supplier of ICG plans to enter the US market before the end of 2007 which should further reduce the future risk of short supply. Novadaq's policy is to where ever possible secure more than one supplier for any of its products such as the SPY System, where two suppliers are qualified and currently able to deliver devices.
About Novadaq Technologies
Novadaq Technologies Inc. (TSX: NDQ ) develops and commercializes medical imaging systems and real-time image guided therapies for use in the operating room. Novadaq's proprietary ICG imaging systems can be used to visualize blood vessels, nerves and the lymphatic system during a variety of surgical procedures. Novadaq's SPY® Imaging System, commercially available worldwide, enables cardiac surgeons to visually assess coronary vasculature and bypass graft functionality during the course of heart bypass surgery. The SPY System is expandable to include upgrade kits for use during other surgeries such as plastic, reconstructive and organ transplant surgery allowing surgeons to evaluate blood flow and tissue and organ perfusion. In addition, SPY is ideal for use during urological procedures enabling surgeons to visualize vessels, tumors, the lymphatic system and potentially nerve bundles. Novadaq's 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 Imaging System. Novadaq also offers the FDA approved PINPOINT(TM) endoscopic system for visualizing native tissue fluorescence which allows surgeons to differentiate between healthy and cancerous tissue in the lung during thoracic surgery. Novadaq is also the exclusive United States distributor of PLC Medical's CO2 HEART LASER(TM) System for TMR (Trans-Myocardial Revascularization). For more information, please visit the company's website at www.novadaq.com.
Certain statements included in this press release may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on Novadaq's current beliefs as well as assumptions made by and information currently available to Novadaq and relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, the market entry (and timing thereof) of additional suppliers of ICG, market acceptance and future commitments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by Novadaq in its public securities filings; actual events may differ materially from current expectations. Novadaq disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Novadaq Technologies
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