NASHUA, N.H., May 8 /PRNewswire-FirstCall/ -- iCAD, Inc. , an industry-leading provider of Computer-Aided Detection (CAD) solutions for the early identification of cancer, today announced that Stacey M. Stevens will join the Company's senior management team on June 1, 2006, as Vice President of Marketing and Strategy.
During the past 16 years, Ms. Stevens has served in a variety of sales, business development, and marketing management positions with Philips Medical Systems, Agilent Technologies and Hewlett Packard's Healthcare Solutions Group (which was acquired in 2001 by Philips Medical Systems). She is most recently Vice President, Marketing Planning at Philips Medical Systems, where she is responsible for the leadership of all global marketing planning functions for Philips' Healthcare Business. From 2003 to 2005, she was Vice President of Marketing for the Cardiac and Monitoring Systems Business Unit of Philips where she was responsible for all marketing and certain direct sales activities for the America's Field Operation. Prior to that, Ms. Stevens held several key marketing management positions in the Ultrasound Business Unit of Hewlett-Packard/Agilent and Philips Medical Systems.
Ms. Stevens earned a Bachelor of Arts Degree in Political Science from the University of New Hampshire, and an MBA from Boston University's Graduate School of Management.
"Stacey Stevens is a highly successful senior marketing executive with a proven ability to lead change and to transform marketing organizations," stated Ken Ferry, who begins as iCAD's CEO on May 15, 2006. "We believe she will make an immediate contribution to both our tactical and strategic marketing, as well as to our overall business success."
In connection with her appointment as Vice President of Marketing and Strategy, and as an inducement to her joining iCAD, Ms. Stevens was granted Non-Qualified Stock Options (the "Inducement Options" or "Options") to purchase 150,000 shares of the Company's common stock, par value $0.01 per share (the "Shares"), with an exercise price equal to $1.98, the closing sale price of the Shares on April 27, 2006, which was the inducement date. The Inducement Options become exercisable as to (i) 30,000 Shares on June 1, 2006, (ii) an additional 30,000 Shares on December 31, 2006; (iii) an additional 30,000 Shares on June 1, 2007; (iv) an additional 30,000 Shares on June 1, 2008 and (v) an additional 30,000 Shares on June 1, 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 (iv) 400% of the exercise price per share of the Option. The Options expire on June 1, 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.
iCAD, Inc.CONTACT: Kevin McGrath of Cameron Associates for iCAD investor relations,+1-212-245-4577, or via email at kevin@cameronassoc.com
Web site: http://www.icadmed.com/
