Novadaq Corp. Granted a One Month Extension of ICG Supply in the United States

TORONTO, April 3 /PRNewswire-FirstCall/ - Novadaq(R) Technologies Inc. , a developer of real-time medical imaging systems and image guided therapies for the operating room, today provided further guidance on the status of the supply of Indocyanine Green (ICG) in the United States. As previously reported, on January 19, 2007, the United States Food and Drug Administration (FDA) advised of a shortage of ICG. In its advisory, the FDA advised that Akorn, Inc. (Akorn), currently the sole supplier of ICG in the United States, had filed a manufacturing site change supplement for ICG with the FDA and is working with the FDA Drug Shortage team and the CDER Reviewing Division to bring this product to market in an expedited manner. Akorn announced yesterday that based on recent correspondence from the FDA it believes that there will be a delay in launching its ICG.

As of March 31, 2007, the current inventory of IC-Green in the United States had effectively expired. Based on information provided by Novadaq to the FDA and Akorn, on April 2, 2007, Akorn informed Novadaq that the FDA has granted a one-month extension to the current expiration date of Novadaq's ICG inventory-on-hand effective immediately. Accordingly, Novadaq's current inventory of ICG will remain effective until the end of April 2007.

"This is one step forward in navigating a long-term solution," said Dr. Arun Menawat, President and Chief Executive Officer of Novadaq Technologies Inc. "We continue to work closely with the FDA and have submitted additional information on March 30th in support of yet another means of resolving this supply issue. As we have previously disclosed, while any significant delay in obtaining ICG could have a material adverse effect on our ability to sell our systems and products and to continue clinical trials, this issue has no impact on Novadaq's newly acquired agreement for the distribution of Transmyocardial Therapy (TMR) products of PLC Medical System Inc., or SPY sales and use in regions outside of North America where alternative ICG suppliers are available."

About Novadaq Technologies

Novadaq Technologies Inc. develops and commercializes medical imaging devices for use in the operating room. Novadaq's proprietary imaging platform can be used to visualize blood vessels, nerves and the lymphatic system during surgical procedures. Novadaq's SPY(R) 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 OPTTX(R) System which received CE Mark approval in November 2006, 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. The HELIOS(TM) System, which received FDA clearance in January 2007, is the first fluorescent imaging system available for use during plastic reconstructive surgery allowing surgeons to evaluate pre- and intra-operative blood flow, as well as post-surgery perfusion. Novadaq's LUNA(TM) system is designed to enable surgeons to visualize nerve bundles during the course of urological and neurological procedures. LUNA has been granted a license for use by Health Canada. For more information, please visit the company's website at www.novadaq.com.

Forward-looking Statements and Associated Risks

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, market acceptance and future commitments. Without limiting the generality of the foregoing, there can be no assurance that the FDA will approve additional or alternative means of obtaining ICG in the United States in the near-term; any material continued inability of Novadaq to obtain FDA-approved ICG could adversely affect Novadaq's ability to sell its systems and products and continue clinical trials, which (individually or in the aggregate) could have a material adverse effect on Novadaq's business, operations and prospects. 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.

CONTACT: visit our website at www.novadaq.com, or contact Arun Menawat,PhD, MBA President & CEO, Novadaq Technologies Inc., (905) 629-3822 x 202,amenawat@novadaq.com; Michael Moore, Investor Relations, The Equicom Group,(416) 815-0700 x 241, mmoore@equicomgroup.com