TORONTO--Aug. 10, 2004--Novadaq(TM) Technologies Inc., an innovator of diagnostic and treatment systems for diseases of the eye and heart, announced the completion of a $US 9 million equity financing. H.I.G. Ventures led the round and was joined by Ventures West.
"The ability to attract investors of this caliber is a testament to the company's products, people and potential," said Arun Menawat, President and CEO of Novadaq. "The funds will enable the company to complete development of its product for the diagnosis and treatment of age related macular degeneration (AMD) and pursue growth in revenue and profits for its cardiac product."
Novadaq Technologies Inc. is a privately held company developing innovative diagnostic and treatment technologies using a combination platform of drug and device. Currently the company is focused on developing and marketing two medical systems that utilize the chemical properties of indocyanine green (ICG) dye in combination with proprietary devices. Novadaq's first product validates and improves the efficacy of the highly invasive cardiac bypass surgery (approx. 650,000 surgeries performed annually worldwide), and the second treats the wet-form of Age-related Macular Degeneration (AMD), a highly debilitating disease that is the leading cause of blindness in people over age 50 (approx. 550,000 new cases diagnosed annually worldwide).
The company also announced that Aaron Davidson, of H.I.G. Ventures and Barry Gekiere of Ventures West, have joined the Novadaq Board of Directors. Dr. Ian Smith, Director General of the Institute for Biodiagnostics at the National Research Council of Canada and former Director of Novadaq will lead the company's Global Cardiac Advisory Board.
"We are very pleased to have the addition of the two new board members as they bring considerable business development and financial management experience to the company," said Anthony Griffiths, Chairman of Novadaq. "Dr. Smith will provide strong leadership to the company's Global Cardiac Advisory Board," he added.
Aaron Davidson, Managing Director, H.I.G Ventures, commented, "The management team at Novadaq is extremely resourceful and we are confident that they will bring this exciting technology to market quickly and realize the full commercial potential of it."
About Novadaq Technologies
Novadaq Technologies, Inc. is a privately held Canadian company that develops medical devices that utilize the chemical properties of indocyanine green (ICG), to facilitate diagnosis and treatment in a variety of medical disciplines. Novadaq's approach is to initiate, direct and complete the development of innovative, proprietary technologies that will enable the medical profession to deliver improved therapies to patients. Novadaq was founded in 2000 with the acquisition of exclusive worldwide rights to technology for the cardiac surgery validation procedure from the National Research Council of Canada. In 2001 the company also exclusively licensed intellectual property from Johns Hopkins University for the diagnosis and treatment of AMD. www.novadaq.com
