Novadaq announces private placement offering of common shares



    /NOT FOR DISTRIBUTION OVER US NEWSWIRE SERVICES/

    TORONTO, April 23 /CNW/ - Novadaq(R) Technologies Inc. (TSX: NDQ), a
developer of real-time medical imaging systems and image guided therapies for
the operating room, announced today that it has engaged RBC Capital Markets as
its exclusive agent in connection with a proposed private placement of
approximately $15 million of common shares.
    Novadaq intends to use the net proceeds of the private placement to fund
ongoing product research and development efforts, sales and marketing expenses
and recent acquisitions including the exclusive distribution rights to PLC
Medical System Inc.'s Heart Laser System(TM) for transmyocardial
revascularization (TMR) in the United States, the acquisition of certain
business assets of Xillix Technologies Corp., and for general corporate
purposes.
    The private placement is being marketed on a best-efforts agency basis.
It is anticipated to close in early May 2007, subject to certain customary
conditions, and TSX and regulatory approvals.

    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any securities. The securities referred to above have not
been and will not be registered under the United States' Securities Act of
1933, as amended (the "US Securities Act") or any state securities laws and
may not be offered or sold within the United States or to US persons unless
registered under the US Securities Act and applicable state securities laws or
an exemption from such registration is available.

    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 imaging platform can be used to visualize blood
vessels, nerves and the lymphatic system during surgical procedures. Novadaq's
SPY(R) 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) Imaging 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) Imaging
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. Novadaq is also the exclusive United States
distributor of PLC Medical's CO(2) HEART LASER(TM) System for TMR
(Trans-Myocardial Revascularization). For more information, please visit the
company's website at 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, anticipated financial
performance, business prospects, strategies, regulatory developments, market
acceptance and future commitments, including (among other matters) that
Novadaq will complete its proposed private placement on the basis described
herein or at all. 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.

    %SEDAR: 00022069E




For further information:

For further information: 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

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NOVADAQ TECHNOLOGIES INC.

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