Intuitive Surgical makes first $1 million payment to Novadaq for robotic surgery imaging
APRIL 20, 2009--Novadaq Technologies (Toronto, Canada), developer of real-time medical imaging and image-guidance systems for use in the operating room, has received $1 million from Intuitive Surgical Inc. (Sunnyvale, CA) for achieving the first pre-defined milestone outlined in their January 2009 agreement. The partners are working together to integrate Novadaq's SPY imaging technology into the 3D high-def imaging capabilities of Intuitive's da Vinci Surgical Robotic System.
APRIL 20, 2009--Novadaq Technologies Inc. (Toronto, Ontario, Canada; TSX:NDQ), developer of real-time medical imaging and image-guidance systems for use in the operating room, says it has received a $1 million payment from Intuitive Surgical Inc. (Sunnyvale, CA, NASDAQ:ISRG) for achieving the first pre-defined milestone outlined in the terms of an agreement they signed in January 2009. Under the agreement, Novadaq and Intuitive are working together to integrate Novadaq's SPY imaging technology into the 3D high definition (HD) imaging capabilities of Intuitive's da Vinci Surgical Robotic System.
SPY enables surgeons to visualize blood vessels, tumors, tumor margins, blood flow and the lymphatic system in real-time during surgery. This core technology is now being applied to and across multiple surgical markets such as cardiac, plastic and reconstructive, urological, general, micro and organ transplant operations
In late 2007, Novadaq and Intuitive began exploring the use of SPY imaging during minimally invasive surgical surgical robotic procedures. That collaboration resulted in the signing of two multi-year agreements between the companies in January 2009. Under the License and Development Agreement, Novadaq has received an upfront license payment and the first of a total of three milestone payments. Following commercialization of the integrated system, Novadaq will also receive royalty payments for each da Vinci Surgical System sold with, or upgraded to include SPY imaging. The Supply Agreement names Novadaq as Intuitive's exclusive supplier of a key component of the electronic sub-system that enables the fluorescence imaging capability, and the consumable fluorescence agent used in each imaging procedure.
Next Wednesday, April 29, Novadaq's president and CEO Dr. Arun Menawat will make a presentation during BioFinance 2009, a three-day investor conference in Canada focused the life sciences and cleantech industries. Dr. Menawat plans to provide a corporate update, including a focus on the Novadaq's plans to enter the minimally invasive surgical market and the upcoming introduction of its first endoscopic SPY imaging system.
Presentations at BioFinance 2009 will span a range of industries including medical devices, drug delivery, diagnostics, bioenergy, agriculture and food, industrial biotech, alternative energy and clean technologies.
Novadaq's first minimally invasive product, the PINPOINT system, provides endoscopic autofluorescence so surgeons can differentiate between healthy and cancerous tissue in the lung and other hollow organs. And the company's SPY scope combines the typical features of a standard endoscope with the capabilities of SPY imaging. The SPY scope aims to unlock the full potential of certain minimally invasive surgeries by effectively addressing the limited field of vision that has until now constrained surgeons.
Novadaq also leverages its core technology to offer the OPTTX System, which is designed for the diagnosis, evaluation and treatment of wet Age-related Macular Degeneration (AMD). And, Novadaq is the exclusive United States distributor of PLC Medical's CO2 HEART LASER System, which is used in the same cardiac procedures as the SPY Imaging System.