NOVADAQ Receives Court Approval for Arrangement With Stryker
August 09 2017 - 4:06PM
NOVADAQ Technologies Inc. (NASDAQ:NVDQ) (TSX:NDQ)
(“
NOVADAQ” or the
“
Corporation”) today announced
that the Ontario Superior Court of Justice has issued a final order
approving its previously announced plan of arrangement (the
“
Arrangement”) under the Canada
Business Corporations Act pursuant to which Stryker Corporation has
agreed to acquire all of the issued and outstanding shares of
NOVADAQ (the “
Shares”) for
US$11.75 per share in cash.
The Arrangement remains subject to the receipt
of regulatory approvals under the Canadian Competition Act and U.S.
Hart-Scott-Rodino and the satisfaction of certain other closing
conditions customary in transactions of this nature. It is expected
that the Arrangement will close in the third quarter of 2017.
Shareholders that have questions regarding
submitting their Shares to the Arrangement, including with respect
to completing the letter of transmittal and election form, are
asked to contact the Depositary, Computershare Trust Company of
Canada, at 1-800-654-6253 (toll-free in North America) or
1-514-982-7555 (collect outside North America) or by email at
corporateactions@computershare.com.
NOVADAQ’s second quarter management’s discussion
and analysis and interim financial statements are expected to be
released and filed on SEDAR and EDGAR on or about Friday, August
11, 2017. The Corporation will not host an earnings call to
discuss second quarter results.
About NOVADAQ Technologies
Inc.
NOVADAQ’s global mission is to enable physicians
with point-of-care imaging solutions that provide real-time
clinically significant and actionable information to improve care
quality and lower healthcare costs. Using NOVADAQ’s SPY
fluorescence imaging technology, physicians can personalize therapy
and achieve optimal results through the precise visualization of
blood flow in vessels, micro-vessels, tissue perfusion and critical
anatomical structures during the course of treatment. SPY
technology enables the delivery of personalized therapies and the
achievement of the optimal results for each individual patient.
More than 250 peer-reviewed publications demonstrate that the use
of SPY technology will reduce post-procedure complication rates and
the cost of care for a broad variety of surgical treatments for
cancer, cardiovascular diseases and other conditions, helping to
ensure that patients benefit from the very best possible treatment
and outcome.
SPY Imaging Systems are U.S. Food and Drug
Administration (510)k cleared, Health Canada licensed, CE Marked
and registered worldwide for use in multiple surgical specialties
and medical applications. The endoscopic version of SPY technology,
known as PINPOINT, combines the fluorescence imaging capabilities
of SPY with the high definition visible light visualization to
establish a new standard in the quality and performance of
minimally invasive surgery. The SPY PHI open surgery portable,
handheld imager is FDA (510)k cleared and CE Marked and is
indicated for the visualization of blood flow and tissue perfusion
in plastic, reconstructive, micro and gastrointestinal surgeries.
NOVADAQ’s LUNA System is used to visualize blood flow and tissue
perfusion while treating patients with atherosclerotic
cardiovascular disease that impairs blood flow to the extremities
and increases the risk for the development of complications such as
acute and chronic non-healing wounds and limb loss. NOVADAQ is the
exclusive worldwide distributor of LifeNet Health’s DermACELL
acellular tissue products for wound and breast reconstruction
surgery
NOVADAQ, SPY, PINPOINT, LUNA and the
illumination square design are registered trademarks of NOVADAQ
Technologies, Inc. SPY PHI is a trademark of NOVADAQ Technologies,
Inc. DermACELL is a registered trademark of LifeNet Health,
Inc.
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 Corporation’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, objectives of management and the obtaining of regulatory and
other required approvals in connection with the Arrangement.
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 www.sec.gov and
www.sedar.com, 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 otherwise.
For more information please contact:
Lynn Pieper Lewis or Leigh Salvo
1-415-937-5404