Taglich Brothers Reports - March 20, 2013 (www.investorideas.com newswire) On March 15, 2013 Novadaq Technologies (NASDAQ:NVDQ) announced the termination of the development, sales and marketing agreements with Kinetic Concepts Inc. pertaining to the LUNA™ fluorescence imaging system used in wound care clinics. Neither company is required to compensate the other as a result of this termination. Termination of the LUNA agreements enables Novadaq to accelerate the launch of LUNA in diagnostic wound care imaging applications on its own.
All agreements related to vascular surgery applications of SPY Elite® with LifeCell, including those signed in November 2011, remain active.
Novadaq has commercialized SPY Imaging, a patented visualization technology that enables surgeons to monitor circulation and tissue perfusion intraoperatively, facilitating surgical mapping and revisions during major procedures. The technology can also visualize lymphatic systems, potentially detecting the extent of lymph node involvement in cancer cases, and differentiate between normal and cancerous tissue on the margins of a surgical resection.
Recent studies have demonstrated improvements in surgical outcomes, reductions in post-operative complications and cost savings stemming from the adoption of fluorescence angiography. These results should underlie wide acceptance of Novadaq's SPY systems, which are adaptable for use in a wide variety of major surgeries. SPY systems have so far been used widely in post-mastectomy breast reconstruction and coronary artery bypass graft procedures. Variants of SPY have been developed for use in urological, gastrointestinal, and organ transplant procedures. The technology has also been refined by Novadaq for use in a number of open, minimally invasive, and robotic surgical procedures.
Novadaq's growth strategy is based in part on strategic partnerships, the first of which, with Intuitive Surgical, could potentially boost revenue substantially in 2010.
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