iCAD, Inc. Completes Acquisition Of VuCOMP's Cancer Detection Portfolio
NASHUA, N.H., Jan. 13, 2016 /PRNewswire/ -- iCAD, Inc. (Nasdaq: ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer, today announced that it has completed the acquisition of the VuCOMP cancer detection portfolio, including the M-Vu® computer aided detection (CAD) technology platform. In April 2015, iCAD acquired VuCOMP's M-Vu® Breast Density software product.
VuCOMP, Inc. is a leading provider of advanced computer applications used in the detection of breast cancer. The acquisition includes an extensive library of related clinical data with important implications on future cancer detection research and patents, as well as VuCOMP's key personnel and existing customer base.
"This acquisition strongly complements iCAD's strategy and will help accelerate our efforts to bring new and innovative cancer detection and workflow solutions to market, particularly as we prepare to launch our tomosynthesis cancer detection solutions," said Ken Ferry, CEO of iCAD. "The addition of VuCOMP's leading researchers and engineers to the iCAD team also represents an important resource for our deep learning technology initiatives aimed at creating improved solutions to help healthcare providers detect cancer early and positions us to maintain and expand our leadership position in the industry in the years ahead."
With this acquisition, iCAD will provide ongoing support services to VuCOMP M-Vu® customers. iCAD will also provide opportunities for customers to leverage the additional value-add solutions and services offered by the company.
About iCAD, Inc.
iCAD delivers innovative cancer detection and radiation therapy solutions and services that enable clinicians to find and treat cancers earlier and faster while improving patient outcomes. iCAD offers a comprehensive range of upgradeable computer aided detection (CAD) and workflow solutions to support rapid and accurate detection of breast, prostate and colorectal cancers. iCAD's Xoft® Axxent® Electronic Brachytherapy (eBx®) System® is a painless, non-invasive technology that delivers high dose rate, low energy radiation, which targets cancer while minimizing exposure to surrounding healthy tissue. The Xoft System is FDA cleared, CE marked, and licensed in a growing number of countries for the treatment of cancer anywhere in the body, including treatment of early-stage breast cancer, gynecological cancers and non-melanoma skin cancer. The comprehensive iCAD technology platforms include advanced hardware and software as well as management services designed to support cancer detection and radiation therapy treatments. For more information, visit or www.icadmed.com or www.xoftinc.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this News Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to the Company's ability to defend itself in litigation matters, to achieve business and strategic objectives, the risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, uncertainty of future sales levels, protection of patents and other proprietary rights, the impact of supply and manufacturing constraints or difficulties, product market acceptance, possible technological obsolescence of products, increased competition, litigation and/or government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; and other risks detailed in the Company's filings with the Securities and Exchange Commission. The words "believe", "demonstrate", "intend", "expect", "estimate", "will", "continue", "anticipate", "likely", "seek", and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC's website at http://www.sec.gov.
Contact:
For iCAD investor relations:
The Ruth Group
Zack Kubow, 646-536-7030
www.theruthgroup.com
iCAD@theruthgroup.com
or
For iCAD media inquiries:
Berry & Company Public Relations, LLC
Jessica Burns, 212-253-8881
jburns@berrypr.com
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SOURCE iCAD, Inc.
