NASHUA, N.H., April 24 /PRNewswire-FirstCall/ -- iCAD, Inc. , an industry-leading provider of Computer-Aided Detection (CAD) solutions for the early identification of cancer, today announced that Kenneth M. Ferry will join the Company's senior management team on May 15, 2006, as President, Chief Executive Officer and a member of iCAD's Board of Directors. The Company's current CEO and President, W. Scott Parr, has been appointed non-executive Vice Chairman of the Board of Directors of iCAD, and will provide support to the Company and Mr. Ferry in this transition.
Mr. Ferry has over 20 years of experience in the healthcare technology field, with more than 10 years experience in senior management positions with P&L responsibilities. He was most recently Senior Vice President and General Manager for the Global Patient Monitoring business for Philips Medical Systems, the market leader in a $2.5 billion industry. In this role he was responsible for Research & Development, Marketing, Business Development, Supply Chain and Manufacturing, Quality and Regulatory, Finance and Human Resources. Since 2001, Mr. Ferry was also a Senior Vice President for the parent company, Philips Electronics Medical Systems Division.
From 1983 to 2001, Mr. Ferry served in a number of management positions with Hewlett Packard and Agilent Technologies. As a Vice President and General Manager in the Hewlett Packard / Agilent Technologies Healthcare Solutions Group, he was one of the key executives responsible for the sale of Agilent's Medical Solutions Group to Philips in August 2001. Prior to this, beginning in 1997, he served as Vice President and General Manager of North American Field Operations for Hewlett Packard and Agilent Technologies. He was responsible for sales, service, and marketing for Patient Monitoring, Cardiac Ultrasound, Defibrillation, Diagnostic EKG and Information Technology solutions. Mr. Ferry is a graduate of the Boston College School of Management in Newton, Massachusetts.
"I am extremely pleased to welcome Ken Ferry as our Company's new President and Chief Executive Officer," stated Robert Howard, Founder and Chairman of the Board of iCAD, Inc. "Ken has extensive experience in all of the disciplines that we consider critically important in order for iCAD to realize its full potential as an innovative medical imaging company with tremendous growth opportunities. He understands and has the management skills necessary to optimize iCAD's sales, marketing, and distribution capabilities in a manner that is consistent with the global applications of its technology. Ken has a demonstrated track record of increasing large business performance when market share and efficient cost structures are essential. He has extensive experience in new, high growth markets, where disruptive technology combined with innovative go to market strategies are key to success. We believe he is a perfect fit for iCAD."
"I am also grateful to Scott Parr, who as CEO has transformed iCAD from a failing graphics equipment company with limited market opportunities into a world leader in advanced medical imaging, helped guide iCAD's successful defense of its competitor's patent arbitration claims, and established a mix of products and channels, which provide a remarkable basis for iCAD's future growth and success. Under Scott's leadership, iCAD has made early detection increasingly affordable and increasingly accessible to all women at risk of breast cancer. Our transition in management is occurring at Scott's recommendation and under his direction, and we are pleased that he will continue to serve the Company and its shareholders as Vice Chairman of the Board."
In connection with his appointment as President and CEO and as an inducement to his joining iCAD, Mr. Ferry was granted Non-Qualified Stock Options (the "Inducement Options" or "Options") to purchase 800,000 shares of the Company's common stock, par value $0.01 per share (the "Shares") on April 19, 2006, with an exercise price equal to $1.59, the closing sale price of the Shares on April 17, 2006, which was the inducement date. The Inducement Options become exercisable as to (i) 160,000 Shares on May 15, 2006, (ii) an additional 160,000 Shares on December 31, 2006; (iii) an additional 160,000 Shares on May 15, 2007; (iv) an additional 160,000 Shares on May 15, 2008 and (v) an additional 160,000 Shares on May 15, 2009. Vesting of the Options accelerates as to the 160,000 Shares to which this Option becomes exercisable at the latest date (to the extent any such Shares remain unvested at the time), upon the closing sale price of the Company's common stock for a period of twenty (20) consecutive trading days exceeding (i) 200% of the exercise price of the per share of the Option; (ii) 300% of the exercise price per share of the Option or (iv) 400% of the exercise price per share of the Option. The Options expire on March 15, 2011, subject to earlier expiration under certain conditions. The Inducement Options were granted outside of the terms of any existing iCAD equity incentive plan and without shareholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv).
About iCAD, Inc.
iCAD, Inc. is an industry-leading provider of Computer-Aided Detection (CAD) solutions that enable healthcare professionals to identify cancer and other life-threatening conditions earlier by making medical services more effective, more accessible and more affordable for patients worldwide. Recipient of Frost & Sullivan's Growth Strategy Leadership award, iCAD offers a comprehensive range of high-performance, upgradeable CAD systems for the high, mid and low volume mammography markets. As the most frequently selected CAD solution for film-based and digital breast screening, iCAD is entrusted with the task of early cancer detection by approximately fifteen hundred women's healthcare centers worldwide. For more information, call +1 877 iCADnow or visit http://www.icadmed.com.
The Company is headquartered in Nashua, New Hampshire and its common stock is listed on The Nasdaq Stock Market under the symbol "ICAD".
"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 risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, product market acceptance, possible technological obsolescence, increased competition, customer concentration and other risks detailed in the Company's filings with the Securities and Exchange Commission. The words "believe", "demonstrate", "intend", "expect", "estimate", "anticipate", "likely", 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.
iCAD is a registered trademarks of iCAD, Inc.
iCAD, Inc.CONTACT: Kevin McGrath of Cameron Associates, +1-212-245-4577,kevin@cameronassoc.com
Web site: http://www.icadmed.com/
