Novadaq acquired all the assets related to the Trapper surgical imaging technology, as well as a disposable probe, that was being developed by Digirad. The assets include five patent applications, and Novadaq has been granted an exclusive license to 13 patents already issued for using the technology perioperatively.
Trapper is a solid-state digital scintigraphy camera under development for use in the operating room during surgery. It's designed to provide surgeons with visual localization of sentinel lymph nodes and tumors in situ immediately prior to surgery, as well as for confirming the success of surgical resection.
Novadaq will pay Digirad $2 million upfront and up to $1 million in deferred contingent payments based on achieving regulatory and commercial milestones. Novadaq will also pay a royalty on sales.
Separately, Novadaq announced financial results for its second quarter of 2013 (end-June 30). The company posted sales of $8.1 million, up 50% compared with $5.4 million in the second quarter of 2012. Revenue growth was driven primarily by continued adoption of the company's Spy technology and higher capital system sales.
The firm posted a net loss of $9.7 million for the most recent quarter, compared with a $1.4 million net loss in the second quarter of 2012.