|By Marketwired .||
|September 5, 2013 07:30 AM EDT||
MENLO PARK, CA -- (Marketwired) -- 09/05/13 -- TauTona Group, a medical device incubator and investor focused on the rapid development of innovative surgical products, today announced the sale of its Surgical Marker technology to Novadaq® Technologies Inc., (NASDAQ: NVDQ) (TSX: NDQ). Novadaq is a developer of clinically-relevant imaging solutions for use in surgical and outpatient wound care procedures.
"As a practicing physician, I know the frustration of trying to highlight or mark perfusion zones in the operating room that are visible under normal conditions and with imaging devices like Novadaq's SPY® and LUNA systems," said Geoffrey Gurtner M.D., managing partner at TauTona and professor of plastic and reconstructive surgery at the Stanford School of Medicine. "The TauTona Surgical Marker technology addresses that problem by using proprietary inks that are visible under both lighting conditions. We designed and refined it at TauTona with the hope that it would help surgeons using fluorescence imaging at the point of care."
The Surgical Marker is designed to work with select imaging procedures such as those done with Novadaq's SPY Fluorescence Imaging System, which is used in reconstructive surgical procedures, and LUNA, which is used to assess perfusion in patients with non-healing wounds. The combination of the two technologies will allow surgeons to better capture and review image sequences of blood flow in vessels and micro-vessels during the course of performing a wide variety of surgical procedures.
"We chose to acquire the Surgical Marker from TauTona Group because it will aid surgeons further in identifying abnormal tissue during live imaging," said Arun Menawat, Ph.D., M.B.A., president and chief executive officer, Novadaq. "We expect the technology will be integrated into our SPY and LUNA consumable kits."
More than 70 peer-reviewed publications demonstrate that the use of The SPY Imaging System during complex surgery leads to fewer post-operative complications and lower hospital costs. SPY provides clinically relevant information that empowers surgeons to make better-informed critical decisions in the operating room. SPY allows surgeons to capture, review, print and archive high-quality image sequences of blood flow in vessels and micro-vessels, tissue and organ perfusion within minutes and in real-time during the course of performing a wide variety of surgical procedures.
"The Surgical Marker also represents the first sale of a TauTona Group portfolio product -- and validation of our unique combination of product incubation with targeted investments," said Dr. Gurtner. "By leveraging the clinical insights of our founding surgeons with a capital and time efficient product development process, we have demonstrated our ability to partner early with market leading companies in the reconstructive and aesthetic spaces. We look forward to further announcements about other TauTona portfolio products in the near future."
Financial terms of the sale were not disclosed.
TauTona's other products in development include a new surgical tool that dramatically improves the quality of breast implants -- and another device that provides a new method of delivery for dermal fillers that offers better results. The company's Menlo Park facility includes a wet lab and machine shops, as well as a clean room and production capabilities. The same space also houses TauTona's administrative offices for seamless connectivity between engineering staff, clinical leadership, and business development.
About TauTona Group:
TauTona Group is a medical device incubator and investor focused on rapid development of innovative surgical products, with a special expertise the reconstructive and aesthetic markets. Founded in 2010 by two Stanford School of Medicine surgery professors, TauTona invests in and develops innovative medical devices for commercialization by strategic partners. In addition to The Surgical Marker technology, TauTona has several other technologies currently under development or in the approval process.
TauTona partners with entrepreneurs, institutions and corporations to fund, develop and build exceptional surgical medical devices using its in-house engineering and business expertise.
About Novadaq Technologies Inc.:
Enabling medical professionals with clinically-relevant, point-of-care fluorescence imaging solutions to enhance the lives of patients and their caregivers, while reducing health care costs, is Novadaq's global mission. SPY fluorescence imaging technology provides surgeons with real-time visualization, leading to improved outcomes and reduced costs without exposing the patient to radiation. More than 70 peer-reviewed publications demonstrate that the use of SPY imaging during complex surgery, leads to fewer post-operative complications and lower hospital costs.
SPY Imaging Systems are United States Food and Drug Administration 510(k) cleared for use in seven surgical specialties. The endoscopic version of SPY called PINPOINT®, combines the capabilities of SPY Imaging with high definition ("HD") visible light visualization offered by conventional endoscopes. LUNA is used to assess perfusion in patients being treated for non-healing wounds. In August 2013, Novadaq acquired the surgical scintigraphy imaging technology, which is being developed for perioperative imaging of sentinel lymph nodes and tumor margins. Novadaq's unique business model of partnering with market-leading companies to drive adoption of our fluorescence imaging technology, while building our own commercial infrastructure, is the cornerstone of our corporate strategy for growth.