News | May 06, 2014

iCAD and Deerfield Agree to Terminate Revenue-Sharing Component of Debt Facility

April 6, 2014 — iCAD, a provider of advanced image analysis, workflow solutions and radiation therapy, reported it has entered into an agreement effective April 28, 2014, that terminates the revenue-sharing component of iCAD’s debt facility agreement with Deerfield Management Company LP, dated Dec. 29, 2011, in exchange for a cash payment of $4.1 million to Deerfield.

Under this portion of the debt facility, iCAD historically paid Deerfield an average of 4 percent of revenues, which had an annual cash cost to iCAD of approximately $1.3 million in fiscal year 2013. Additionally, the company has amended the facility agreement to eliminate its ability to extend the final payment date for a year.

“We are pleased to execute this agreement with Deerfield, as we believe it is in our shareholders’ best interest to remove the most costly component of our debt facility in order to significantly reduce our interest expense moving forward,” said Ken Ferry, president and CEO of iCAD.

Separately, iCAD announced that Deerfield has exercised 450,000 warrants to purchase shares of iCAD common stock, which were issued as part of the debt facility, generating proceeds to iCAD of approximately $1.6 million. The net cash impact to iCAD from these two transactions is approximately $2.5 million.

For more information: www.icadmed.com

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