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ICAD And Invivo Announce Global Strategic Agreement To Deliver MRI Solutions Worldwide

Invivo, a Philips Healthcare Business, and a worldwide leader in MRI, and iCAD, Inc. (Nasdaq: ICAD), a leading provider of advanced imaging and radiation therapy technologies for the detection and treatment of cancer, today announced that the companies have entered into a global research, development, and commercial agreement.

Under the agreement, iCAD will develop advanced MRI image analysis software products which Invivo will incorporate into its suite of MRI product solutions for global commercial sale. The first products are anticipated to be available in Q2 2013. The initial focus of the partnership will be the release of a next generation platform for prostate and breast imaging. Additional new product releases are also anticipated beginning the second half of 2013.

This agreement allows iCAD and Invivo to continue bringing customers a robust suite of MR products including coils, accessories, and software, in combination with a world class customer service and support organization.

“The collaboration with Invivo combines the strengths of two market leaders with synergistic technologies that will provide more robust product innovations, allowing us to further deliver on our mission to offer comprehensive imaging solutions that aid in the detection and treatment of cancer,” said Ken Ferry, CEO of iCAD. “As we continue to innovate and transform our business, we are now seeking to align the commercial strategy of our MR products similar to that of our successful mammography business.”

“iCAD’s MRI advanced image analysis products and technologies are a strong complement to Invivo’s market-leading breast and prostate clinical solutions,” said Brent Berthy, General Manager of Invivo. “Our new agreement with iCAD will allow us to further accelerate leading-edge innovation to our customers in this rapidly growing market segment.”

The DynaCAD 3.0 platform offers a feature-rich workspace allowing the user to manage data, generate analysis reports, and communicate results in a single solution. The qualitative and quantitative image analysis tools improve workflow efficiency and provide improved flexibility for radiologists to quickly determine areas of concern for further assessment.

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