iCAD, Inc.(Nasdaq: ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapies for the early identification and treatment of cancer, today announced that it has entered into a distribution agreement with Hitachi Medical Systems. With this agreement, iCAD’s SpectraLook with PrecisionPoint image analysis solution for breast MRI will be available for purchase with Hitachi’s Oasis and Echelon MRI systems. iCAD’s MRI solution will assist radiologists in distinguishing potential cancers in the breast as part of their overall analysis of MRI studies and streamline the planning and performance of MRI-guided percutaneous breast biopsies. “Dynamic MRI is being utilized with increased frequency as a less-invasive way to identify cancer at an early stage,” said Ken Ferry, President and CEO of iCAD. “With this agreement, iCAD’s advanced image analysis technology will be available to assist the many clinicians using Hitachi’s MR systems to increase diagnostic confidence – allowing them to more accurately and quickly assess a tumor, which should lead to more targeted treatment options for their patients.” iCAD’s SpectraLook MR image analysis solution provides objective consistent quantitative analysis of breast MRI datasets creating colorized images based on signal changes defined by tumor physiology. This unique technology is designed to assist radiologists in distinguishing potential cancers in the breast as part of their overall analysis of MRI studies. When coupled with VersaVue ® Enterprise, iCAD’s image review and analysis software, this comprehensive solution improves the analysis workflow, interventional planning and reporting of breast MRI results while streamlining the radiologist’s workflow and diagnosis. The PrecisionPoint software is an integrated module within VersaVue Enterprise which provides radiologists with an automatic calculation of the location and depth of a targeted region of interest making MRI-guided breast biopsies easier, faster and more reliable. “Our partnership with iCAD brings together two of the most advanced imaging technologies that will further advance the world of MRI breast cancer diagnosis and guided biopsy,” said Sheldon Schaffer, Vice President and General Manager of MRI and CT for Hitachi. “Combining iCAD’s advanced image analysis technologies with the power of Hitachi’s scanners gives radiologists a more controlled, faster and accurate way to locate and sample lesions in the breast.”
SpectraLook with PrecisionPoint will be available for purchase with Hitachi’s Oasis 1.2T and Echelon 1.5T scanners, and will be available as an upgrade to current customers.About Hitachi Medical Systems America Hitachi Medical Systems America (HMSA) located in Twinsburg, Ohio, a wholly owned subsidiary of Hitachi Medical Corporation, offers a broad range of diagnostic imaging equipment including MRI, CT and Ultrasound. Our innovations in diagnostic imaging provide technology that drives clinical solutions to deliver diagnostic confidence, improve workflow efficiency and provide a better patient experience. In addition to exceptional equipment, HMSA is known for its comprehensive customer support programs to maximize the lifecycle value of equipment through responsive service maintenance, significant software upgrades and on-going applications support. For more information, visit www.hitachimed.com. About iCAD, Inc. iCAD, Inc. is an industry-leading provider of advanced image analysis and workflow solutions that enable healthcare professionals to better serve patients by identifying pathologies and pinpointing the most prevalent cancers earlier. iCAD offers a comprehensive range of high-performance, upgradeable Computer-Aided Detection (CAD) systems and workflow solutions for mammography, Magnetic Resonance Imaging (MRI) and Computed Tomography (CT). iCAD recently acquired Xoft, Inc., developer of the Axxent ®eBx™ electronic brachytherapy system (eBx). Axxent uses non-radioactive miniaturized X-ray tube technology and is FDA-cleared for treatment of early stage breast cancer, skin cancer and endometrial cancer. The Axxent System is also cleared for use in the treatment of other cancers or conditions where radiation therapy is indicated including Intraoperative Radiation Therapy (IORT). For more information, call (877) iCADnow or visit www.icadmed.com. "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 Company’s ability to defend itself in litigation matters, the risks relating to the Company’s acquisition of Xoft including, the expected benefits of the acquisition may not be achieved in a timely manner, or at all; the Xoft business operations may not be successfully integrated with iCAD’s and iCAD may be unable to achieve the expected synergies, business and strategic objectives following the transaction, 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. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.