iCAD and Invivo Announce Global Strategic Agreement to Deliver MRI Solutions Worldwide

  iCAD and Invivo Announce Global Strategic Agreement to Deliver MRI Solutions
  Worldwide

Business Wire

GAINESVILLE, Fla. & NASHUA, N.H. -- March 11, 2013

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.

About Invivo

Invivo is a pioneer in innovative RF coils, advanced image visualization
systems, and MRI-compatible interventional instruments. Invivo is also the
world leader in MRI patient vital signs monitoring. Invivo draws on its
financial strength, operational excellence and technical leadership in the
market of Magnetic Resonance Imaging (MRI), as well as its expanding
businesses within Medical Devices. The Company has more than 30-year history
as a successful developer, manufacturer and marketer of high-value-added
medical devices. For more information, visit www.invivocorp.com.

About iCAD, Inc.

iCAD is a leading provider of advanced image analysis, workflow solutions and
radiation therapies for the early identification and treatment of common
cancers. 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. iCAD’s Xoft 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 and endometrial cancer. 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”, “will”, “continue”,
“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.

Contact:

For iCAD
Kevin Burns, 937-431-7967
kburns@icadmed.com
or
For iCAD investor relations
LHA
Anne Marie Fields, 212-838-3777 x6604
afields@lhai.com
or
For iCAD media inquiries
Schwartz MSL
Helen Shik, 781-684-0770
iCAD@schwartzmsl.com
or
For Invivo
Rachel Bloom-Baglin, 978-659-3748
rachel.bloom-baglin@philips.com
 
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