Business
Novadaq reports fiscal 2005 year-end and fourth quarter results
Novadaq reports fiscal 2005 year-end and fourth quarter results.
About this update from Cdn Maverick Capital Corp
[{"type":"text","content":"\n\n\n\n\nTORONTO, March 17 /CNW/ - Novadaq(R) Technologies Inc. (TSX: NDQ), a\ndeveloper of medical imaging systems for the operating room, today announced\nits financial results for the fourth quarter and year ended December 31, 2005.\nIn this press release, unless otherwise indicated, all dollar amounts are\nexpressed in US dollars.\n\"We entered the public markets on June 10, 2005, with a vision to\ncommercialize disease specific diagnostic and therapeutic image guided\nprocedures, with the potential to improve clinical outcomes and the cost of\nhealthcare,\" said Arun Menawat, President and CEO of Novadaq Technologies Inc.\n\"Since that time we have met major milestones. The fourth quarter of 2005 was\nthe first full quarter in which SPY, our cardiac surgery imaging product, was\nmarketed commercially in the United States, meeting our first key milestone.\nWe now have 30 systems installed in the United States. Clinical trials for the\ntreatment of wet AMD continued in Europe and North America, using our unique\nimaging based device, the OPTTX System. Also, in February 2006 we signed an\nexclusive license with the University of Rochester over a broad portfolio of\npatents in the field of intra-operative fluorescence guided imaging of nerves,\nand we have now begun development of a new device, LUNA(TM), for the\nvisualization of nerves and lymphatics to potentially reduce negative outcomes\nincluding impotency, during critical operations such as radical\nprostatectomy.\"\n\nSelected Fiscal 2005 Financial Highlights and Operating Highlights\n - Received FDA clearance for SPY Intra-operative Imaging System\n - United States patent issued for SPY: Method and Apparatus For\n Performing Intra-Operative Angiography\n - Signed North American distribution agreement with the Sorin Group\n for SPY\n - Signed U.S. service agreement with Kodak for SPY\n - Established U.S. subsidiary to extend infrastructure and ensure\n support for SPY\n - Hired U.S. based clinical educators to support sales to the cardiac\n surgery market\n - Executed on clinical advancement for OPTTX, completing the product\n development of the first generation device\n - Cdn. $25 million initial public offering on June 10, 2005 (TSX: NDQ)\n - Strengthened intellectual property platform and filed 6 new patent\n applications in several areas including nerve mapping\n\nF...