NASHUA, N.H., April 25 /PRNewswire-FirstCall/ -- iCAD, Inc. , an industry-leading provider of Computer-Aided Detection (CAD) solutions for the early identification of cancer, today announced that Jeffrey H. Barnes will join the Company’s senior management team on May 15, 2006, as Senior Vice President of Sales.
During the past 17 years, Mr. Barnes has served in a variety of sales and marketing management positions with Philips Medical Systems, Agilent Technologies and Hewlett Packard Healthcare Solutions Group (which was acquired in 2001 by Philips Medical Systems). He was most recently Vice President -- Sales and National Sales Manager for Cardiac Resuscitation Solutions at Philips Medical Systems, where he worked closely with iCAD’s new Chief Executive Officer, Kenneth Ferry. From November 2002 to April 2006, Mr. Barnes was responsible for sales and service operations at Philips’ market-leading defibrillation field organization, where he was responsible for an increase in sales of more than 60%.
From May 2000 to November 2002, Mr. Barnes served as Vice President of Marketing, Americas, for the Cardiac and Monitoring Systems unit of HP/Agilent and Philips Medical Systems. He was responsible for all marketing activities and certain direct sales activities for the North and South American field operation, which included 110 employees, including 10 marketing managers. From November 1997 to May 2000, Mr. Barnes was Director of Sales and Marketing, European Field Operations, Imaging Systems, and from May 1996 to October 1997, he was Product Manager for the Imaging Systems Division. He was an Account Manager with Imaging Field Operations from 1991 to 1996. Mr. Barnes joined Hewlett Packard’s Healthcare Solutions Group in 1989 as a Senior Financial Analyst for Worldwide Marketing Operations.
Mr. Barnes earned a Bachelor of Arts Degree in Economics from St. Lawrence University and an MBA Degree from New York University’s Leonard N. Stern School of Business.
“We are extremely pleased to welcome Jeff Barnes as our company’s new Senior Vice President of Sales,” stated W. Scott Parr, iCAD’s current CEO. “Jeff has extensive experience in all sales and marketing disciplines that we consider critically important in order for iCAD to reach its full potential in maximizing global customer reach. Jeff has a demonstrated track record developing and managing comprehensive sales channel systems that address a growing, diverse customer base. In addition, he has led outbound marketing efforts that will allow the sales organization to efficiently communicate with its global customers. Jeff fills a critical hole in our sales management team.”
In connection with his appointment as Vice President of Sales and as an inducement to his joining iCAD, Mr. Barnes was granted Non-Qualified Stock Options (the “Inducement Options” or “Options”) to purchase 225,000 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) 45,000 Shares on May 15, 2006, (ii) an additional 45,000 Shares on December 31, 2006; (iii) an additional 45,000 Shares on May 15, 2007; (iv) an additional 45,000 Shares on May 15, 2008 and (v) an additional 45,000 Shares on May 15, 2009. Vesting of the Options accelerates as to the 45,000 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 (iii) 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 almost 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.
For iCAD investor relations, contact Kevin McGrath of Cameron Associates at +1 212 245 4577 or via email at kevin@cameronassoc.com.
iCAD, Inc.
CONTACT: Kevin McGrath of Cameron Associates for iCAD, Inc., +1-212-245-4577, kevin@cameronassoc.com
Web site: http://www.icadmed.com/
