Xillix Agrees to Sell Portfolio of Fluorescence Endoscopy Patents to Novadaq



    RICHMOND, BC, April 23 /CNW/ - Xillix Technologies Corp. (TSX: XLX),
announced today that it has entered into an asset purchase agreement to sell
certain business assets, including its intellectual property, certain capital
assets and inventory, to Novadaq Technologies Inc. Novadaq is a developer of
real-time medical imaging systems and image guided therapies for the operating
room, based in Toronto, Ontario. The common shares of Novadaq are listed and
posted for trading on the Toronto Stock Exchange under trading symbol "NDQ".
    The intellectual property which Xillix has agreed to sell to Novadaq
includes Xillix's auto-fluorescence and multi-modal imaging portfolio of 31
issued patents and multiple pending applications in the United States, Japan
and Europe. The sale also includes rights to innovative fluorescence imaging
technologies.
    In exchange for the assets which Xillix has agreed to sell to Novadaq,
Novadaq has agreed to pay Xillix consideration in the amount of CDN $3,000,000
at closing, of which $1,075,000 will be paid in cash and CDN $1,925,000 will
be paid in cash or, at Novadaq's election, common shares of Novadaq (based on
the volume weighted average trading price of Novadaq's common shares on the
Toronto Stock Exchange for the five trading days preceding the execution of
the asset purchase agreement). Closing of the transaction, currently scheduled
to occur in early May 2007, is subject to a number of conditions, including
(among others) the approval of the transaction by the Supreme Court of British
Columbia pursuant to Xillix's CCAA proceedings and the approval of Novadaq's
issuance of shares by the Toronto Stock Exchange.

    About Xillix

    Xillix Technologies Corp. is a Canadian medical device company. Xillix is
currently under creditor protection pursuant to CCAA proceedings. Xillix's
currently approved device, Onco-LIFE(TM), incorporates fluorescence and
white-light endoscopy in a single device that has been developed for the
detection and localization of lung and gastrointestinal (GI) cancers. An
international multicenter lung cancer clinical trial of Onco-LIFE demonstrated
a 325% per-lesion improvement in the detection of early lung cancer
(moderate-severe dysplasia and carcinoma in situ) and a 250% per-patient
improvement compared to white-light alone. Onco-LIFE is approved for sale in
the United States for the lung application and in Europe, Canada and Australia
for both lung and GI applications. The Company also recently announced that it
has developed a new product, LIFE Luminus(TM), designed to allow fluorescence
imaging of the colon using conventional video endoscope technology.

    "Statements contained in this document which are not based on historical
fact, including without limitation, statements containing the words "may",
"will", "plans", "intends", "expects", "anticipates", "believes", "estimate",
"continue" and similar expressions, constitute "forward-looking information"
within the meaning of applicable Canadian securities laws. Forward-looking
statements contained in this document may involve, but are not limited to,
statements relating to the Company's objectives, priorities, strategies,
actions, targets, expectations and outlook. Forward-looking statements are
necessarily based upon assumptions and predictions with respect to the future,
including but not limited to the factors referred to below. As a result,
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, events or
developments to be materially different from any future results, events or
developments expressed or implied thereby. These risks, uncertainties and
other factors include, but are not limited to the factors referred to in the
Company's Annual Information Form dated March 28, 2006 and its other filings
with the applicable Canadian securities regulatory authorities. In light of
these uncertainties, assumptions and risks, readers are cautioned not to place
undue reliance on such forward-looking statements, and the Company assumes no
obligation to update or revise such information to reflect later events or
developments, except as required by law."

    Xillix is listed on the Toronto Stock Exchange under the trading symbol
"XLX".

    %SEDAR: 00003397E




For further information:

For further information: visit our website at http://www.xillix.com or
e-mail: ir@xillix.com

Organization Profile

XILLIX TECHNOLOGIES CORP.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890