Healthcare Industry News: Novadaq Technologies
News Release - January 14, 2009
Novadaq Signs License, Development and Supply Agreements With Intuitive
SPY Imaging Technology to be Integrated Into da Vinci Surgical RobotsTORONTO, ONTARIO--(Healthcare Sales & Marketing Network)--Jan 14, 2009 -- Novadaq® Technologies Inc. (Toronto:NDQ.TO ), announced today that it has entered into a multi-year technology alliance with Intuitive Surgical Inc. Novadaq is a developer of real-time medical imaging systems and image guided therapies for the operating room. Intuitive is the global leader in the rapidly emerging field of robotic-assisted minimally invasive surgery.
In the fourth quarter of 2007, the two companies began exploring the use of Novadaq's patented SPY® fluorescence imaging technology during minimally invasive surgical robotic procedures to potentially enable surgeons to visualize blood flow in vessels, tissue perfusion, tumors, tumor margins, and the lymphatic system in real-time. That collaboration has now resulted in the signing of two multi-year agreements between the companies.
Under the License and Development Agreement, Novadaq and Intuitive will work together to integrate Novadaq's SPY imaging technology into the 3D high definition imaging capabilities of Intuitive's da Vinci® Surgical Robotic Systems. Novadaq will receive an upfront license payment, additional payments based upon the achievement of pre-defined development milestones and a royalty payment for each da Vinci® Surgical System sold with, or upgraded to include, the SPY integrated imaging system.
The Supply Agreement names Novadaq as Intuitive's exclusive long-term supplier of a key component of the electronic sub-system that enables the fluorescence imaging capability, and of ICG (Indocyanine Green), the consumable fluorescence agent used in each imaging procedure.
Specific financial details of the agreements were not disclosed.
Dr. Arun Menawat, Novadaq's President and Chief Executive Officer, said, "These agreements mark our first major technology alliance and we are delighted that it is with Intuitive Surgical - the recognized leader in their field. The world-wide installed base of da Vinci Surgical Robotic Systems already stands at over 1,100 and estimates are that approximately 130,000 procedures were performed with da Vinci last year alone. These numbers grew significantly over the past three years and present Novadaq with a large and immediate market opportunity. In addition to the upfront license and milestone payments, we will be provided with three important new and ongoing revenue streams, which will advance us down the pathway toward net profitability. Importantly, the SPY imaging IP license is limited to the field of robotics and therefore, we also believe this partnership will help validate our stand-alone SPY scope product which remains on track for commercial roll-out via our direct sales force in the first half of 2009."
Commenting on the announcement, Gary Guthart, President and COO of Intuitive Surgical, said, "We are looking forward to working with the strong technical team from Novadaq, and combining these two exciting technologies to improve patient outcomes."
Intuitive® and da Vinci ® are trademarks or registered trademarks of Intuitive Surgical, Inc.
About Novadaq Technologies Inc.
Novadaq develops and commercializes real-time imaging and image guidance systems for use in the operating room. Novadaq's SPY® Imaging System uniquely enables surgeons to visualize blood vessels, tumors, tumor margins, blood flow and the lymphatic system in real-time during surgery. This core technology is now being applied to and across multiple surgical markets such as cardiac, plastic and reconstructive, urological, general, micro and transplant. The PINPOINT(TM) System for endoscopic autofluorescence imaging is Novadaq's first minimally invasive product. PINPOINT allows surgeons to differentiate between healthy and cancerous tissue in the lung and other hollow organs. Expanding its portfolio of minimally invasive products, Novadaq's SPY scope combines the typical features of a standard endoscope with the capabilities of SPY imaging. The SPY scope may unlock the full potential of certain minimally invasive surgeries by effectively addressing the limited field of vision that has until now constrained surgeons. Novadaq also leverages its core technology to offer the OPTTX® System, which is designed for the diagnosis, evaluation and treatment of wet Age-related Macular Degeneration (AMD). Novadaq is the exclusive United States distributor of PLC Medical's CO2 HEART LASER(TM) System, which is used in the same cardiac procedures as the SPY Imaging System. For more information, please visit the company's website at http://www.novadaq.com.
Forward-Looking Statements
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, results of future clinical tests of PINPOINT, SPY scope and the SPY Imaging System, anticipated financial performance, business prospects, strategies, regulatory developments, 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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