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ICAD, Inc. Announces Closing Of Underwritten Public Offering Of Common Stock

iCAD, Inc. (“iCAD”) (NASDAQ: ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapy solutions for the early identification and treatment of cancer, today announced it has closed its previously-announced registered firm commitment underwritten public offering of 2,760,000 shares at a price to the public of $11.00 per share. The number of shares sold in the offering includes the underwriter’s full exercise of the over-allotment option to purchase 360,000 common shares. iCAD estimates net proceeds from the offering to be approximately $28.2 million, after deducting underwriting discounts and estimated offering expenses. iCAD intends to use the proceeds from the offering for working capital and other general corporate purposes.

Craig-Hallum Capital Group LLC acted as sole managing underwriter of the offering.

A shelf registration statement relating to these securities was previously filed with, and declared effective by, the U.S. Securities and Exchange Commission on September 30, 2011. A preliminary prospectus supplement related to the offering was filed with the U.S. Securities and Exchange Commission on March 5, 2014. A final prospectus supplement related to the offering was filed with the U.S. Securities and Exchange Commission on March 12, 2014. Copies of the final prospectus supplement and accompanying prospectus for the offering may be obtained by contacting Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, or by calling 612-334-6300. An electronic copy of the final prospectus supplement and accompanying prospectus relating to the offering is available on the website of the U.S. Securities and Exchange Commission at www.sec.gov.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About iCAD, Inc.

iCAD is an industry-leading provider of advanced image analysis, workflow solutions and radiation therapy solutions for the early identification and treatment of cancer. iCAD’s Xoft® Axxent ® Electronic Brachytherapy System® offers radiation treatment for early-stage breast cancer that can be administered in the form of intraoperative radiation therapy or accelerated partial breast irradiation. The Xoft System is also cleared for the treatment of non-melanoma skin cancer, cervical and endometrial cancer. iCAD offers a comprehensive range of high-performance, upgradeable CAD solutions for mammography and advanced image analysis and workflow solutions for Magnetic Resonance Imaging, for breast and prostate cancers and Computed Tomography for colorectal cancer.

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