July 21, 2008 – iCAD Inc. completed a deal to purchase the principal assets of CAD Sciences, a privately held medical technology company based in White Plains, NY, for $5 million as part of iCAD’s strategy to broaden its market reach.
The purchase price was $5 million, comprised of $2 million in cash and 1,086,957 shares of iCAD common stock. The number of shares issued was calculated using the average closing price for the 10 consecutive trading days immediately preceding the closing.
“iCAD’s acquisition of CAD Sciences broadens our leadership position beyond mammography CAD and provides a comprehensive portfolio of advanced image analysis and workflow solutions for the early detection of the most prevalent cancers. Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) are demonstrating significant advances in the imaging sector and this acquisition now extends our reach in the imaging modalities of CT and MRI, in addition to our expertise in film-based, digital radiography and computed radiography,” said iCAD President and CEO Ken Ferry.
“Our integration of this leading CAD technology for breast and prostate MRI should provide significant synergy regarding customer call points for our sales team, and we expect physician adoption to be accelerated by iCAD’s strong market position in mammography CAD,” he added.
For more information: www.icadmed.com