Novadaq@ Technologies Inc. ("Novadaq" or the "Company") (TSX:

NDQ)(NASDAQ: NVDQ), a developer of real-time medical imaging systems

for use in the operating room, announced today that it has commenced

an underwritten public offering of its common shares. The offering is

being conducted in the United States pursuant to the Company's

effective shelf registration statement filed with the U.S. Securities

and Exchange Commission (the "SEC") and in Canada pursuant to a final

short form base shelf prospectus filed with the securities regulatory

authorities in each of the provinces of Canada, other than the

Province of Quebec. The number of common shares to be issued and the

price of each common share will be determined at the time of pricing

the offering.

Piper Jaffray & Co. and Stifel Nicolaus Weisel will act as joint

book-running managers for the offering. The Company expects to grant

the underwriters participating in the offering a 30-day option to

purchase up to an additional 15 percent of the number of common shares

sold pursuant to the offering to cover over-allotments, if any. The

offering is subject to market conditions, and there can be no

assurance as to whether or when the offering may be completed, or as

to the actual size or terms of the offering.

This news release does not constitute an offer to sell or a

solicitation of an offer to buy the securities described herein, nor

shall there be any sale of these securities in any state or

jurisdiction in which such offer, solicitation or sale would be

unlawful prior to registration or qualification under the securities

laws of any such state or jurisdiction. The offering will be made only

by means of the preliminary supplement and the accompanying short form

base shelf prospectus. Copies of the preliminary supplement and the

accompanying short form base shelf prospectus are available at and, respectively, and may be obtained

upon request by contacting Piper Jaffray & Co. at 800 Nicollet Mall,

J12S03, Minneapolis, MN 55402, or by email, or by telephone at

(800) 747-3924.

About Novadaq Technologies Inc.

Novadaq primarily develops, manufactures and markets real-time

fluorescence imaging products that are designed for use by surgeons in

the operating room and other clinical settings where open, minimally

invasive or interventional surgical procedures are performed. The

Company's SPY@ Imaging core technology enables surgeons to visualize

blood flow in vessels, co-joined vessels and micro-vessels, and to

assess the quality of blood perfusion in tissue, without exposing the

patient to radiation. More than 50 peer-reviewed publications

demonstrate that the use of SPY Imaging during complex surgery leads

to fewer post-operative complications and lower hospital costs. The

SPY Imaging System is United States Food and Drug Administration

("FDA") 510(k) cleared for use during a variety of open surgical

applications. The endoscopic version of SPY, which is branded

PINPOINT, combines the capabilities of SPY Imaging with high

definition ("HD") visible light visualization offered by conventional

endoscopes. The majority of Novadaq's current revenues come from

alliances formed with leading companies in relevant markets in which

SPY technology has been demonstrated to improve clinical outcomes in

open, minimally invasive and robotic surgery applications. Novadaq's

first alliance integrates SPY Imaging into the 3-D HD imaging

capabilities of the da Vinci@ Surgical Robotic System offered by

Intuitive Surgical@, Inc. The integrated system received FDA 510(k)

clearance in February 2011. In September 2010, Novadaq entered into an

exclusive North American sales and marketing alliance with LifeCell

Corporation, for SPY in open plastic and reconstructive,

gastrointestinal and head and neck surgeries. In November 30, 2011,

Novadaq signed exclusive, multi-year sales and marketing agreements

with Kinetic Concepts, Inc., for wound care applications and extended

its agreement with LifeCell for the commercialization of the SPY

System into vascular surgery. In addition, the SPY Imaging System for

cardiac applications is marketed directly, whereas the CO2 Heart

Laser for TMR is distributed by MAQUET Cardiovascular. For more

information, please visit the Company's website at

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, the Company's strategy,

strategic goals, research and development activities, research and

clinical testing outcomes, taxes, capital expenditures, future

operations, future financial position, future revenues/results,

projected costs, prospects and plans and objectives of management.

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

available at, 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


Note: LifeCell Corporation is a business unit and trademark of

Kinetic Concepts, Inc. Intuitive Surgical and da Vinci are registered

trademarks of Intuitive Surgical