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Novadaq Technologies Announces New President and CEO.

Business Editors

TORONTO--(BUSINESS WIRE)--April 28, 2003

Novadaq(TM) Technologies, a developer of medical devices that facilitate diagnosis and treatment in a variety of medical disciplines, has appointed Arun Menawat as President and Chief Executive Officer.

"The combination of Arun's international business experience, in depth knowledge of technology and medical devices, and his proven track record of growing technology companies make him an exceptional leader to drive the next phase of Novadaq's development," says Dave Brown, member of Novadaq's board of directors and representative of Richardson Ventures, Inc.

"Novadaq has the necessary components to become a strong participant in the medical device industry. My role will be to exploit the Company's potential, and I very much look forward to the challenges ahead," commented Mr. Menawat.

Mr. Menawat most recently served as President and Chief Operating Officer of Cedara Software Corp, an independent provider of medical imaging software for medical devices and healthcare information technology systems companies. Mr Menawat holds a PhD in Chemical Engineering from University of Maryland and an MBA from Kellogg School of Management Northwestern University.

About Novadaq

Novadaq Technologies, a privately held company, was founded in April 2000 and is a spin-off from the National Research Council's Institute for Biodiagnostics in Winnipeg, Manitoba.

Novadaq has received CE Marking and Health Canada approval for their first product, SPY(TM), a revolutionary intra-operative imaging system for cardiac surgery. Novadaq most recently signed an exclusive agreement with The Johns Hopkins University Applied Physics Laboratory (APL), Laurel, Maryland, to license a patented method for the diagnosis and treatment of "wet" type Age Related Macular Degeneration (AMD) for the United States. AMD is a progressive eye disease causing vision loss in 6 million Americans and millions more around the world. Novadaq now owns the exclusive worldwide rights to this technology. The multi-year licensing agreement enables Novadaq to develop the technology and distribute the resulting product in the United States.

Novadaq's corporate offices are in Toronto, Ontario with research and development offices in Winnipeg, Manitoba.
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Publication:Business Wire
Date:Apr 28, 2003
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