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Novadaq Technologies Inc. Completes $25.175 Million Initial Public Offering


Not for distribution to U.S. news wire services or dissemination in the United States.

TORONTO - June 10, 2005 - Novadaq Technologies Inc. (“Novadaq”) announced today that it has completed its initial public offering of 2,650,000 common shares at a price of $9.50 per common share for gross proceeds of $25,175,000. The common shares begin trading today on the Toronto Stock Exchange under the symbol “NDQ”.

The initial public offering was underwritten by a syndicate co-led by RBC Capital Markets and TD Securities Inc., and also including GMP Securities Ltd., Orion Securities Inc. and Scotia Capital Inc. Novadaq has also granted to the underwriters an option, exercisable until 30 days following closing of the offering, to acquire an additional 397,500 common shares on the same terms and conditions to cover over-allotments, if any, and for market stabilization purposes.

Novadaq will use the net proceeds of the offering to continue the commercial launch of the SPY™ System in the United States and the rest of the world, to conduct clinical trials for the OPTTX System, to fund additional research and development initiatives targeted towards expanding the Company’s product pipeline, to further build the Company’s capabilities for optics and imaging software, and for general corporate and working capital purposes.

Novadaq develops and commercializes medical devices based on its proprietary imaging platform for the diagnosis and treatment of human vascular and ophthalmic diseases and conditions.

For more information about Novadaq Technologies Inc. and Novadaq products please visit the company's website at

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Certain statements included in this press release may be considered forward- looking. These statements should not be read as guarantees of future performance or results. 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. Although such statements are based on management's reasonable assumptions, there can be no assurance that actual results will be consistent with such statements.

For further information:

Arun Menawat
President & CEO
Novadaq Technologies Inc.
Phone: 905-629-3822 x 202