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news.Novadaq Technologies, a developer of real-time medical imaging and image guidance systems for use in the operating room, has received a $1 million payment from Intuitive Surgical for achieving the first pre-defined milestone outlined in the terms of their licensing and development agreement signed in January 2009.
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Under the licensing and development agreement, Novadaq and Intuitive are working together to integrate Novadaq’s proprietary SPY imaging technology into the 3D high definition imaging capabilities of Intuitive’s da Vinci surgical robotic system.
Pursuant to the terms of the 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.