April 23, 2020 (GLOBE NEWSWIRE) — iCAD, Inc. (“iCAD”) (Nasdaq: ICAD) today
announced it has entered into definitive agreements with several
institutional investors for the purchase and sale of 1,562,500 
shares of the Company’s common stock at $8.00 per share, pursuant to a
registered direct offering. The gross proceeds of the offering will be
approximately $12.5 million before deducting estimated offering expenses. The
Company intends to use the net proceeds for working capital and for other
general corporate purposes, including for the conduct of post-market studies
for the Company’s Xoft intra-operative radiation therapy (IORT) for
glioblastoma and other brain cancers. The closing of the registered direct
offering is expected to take place on or about April 27, 2020, subject to the
satisfaction of customary closing conditions.

This offering
is being made pursuant to an effective shelf registration statement on Form S-3
(File No. 333-235887) previously filed with the U.S. Securities and Exchange
Commission (the “SEC”) and made effective on January 31, 2020. A prospectus
supplement describing the terms of the proposed offering will be filed with the
SEC and will be available on the SEC’s website located at
A copy of the prospectus supplement may be obtained, when available, from the
Company at 98 Spit Brook Road, Suite 100, Nashua, NH 03062, Attention:
Corporate Secretary, or by telephone at 603-882-5200, or by email at Before investing in this offering,
interested parties should read in their entirety the prospectus supplement and
the accompanying prospectus and the other documents that the Company has filed
with the SEC that are incorporated by reference in such prospectus supplement
and the accompanying prospectus, which provide more information about the
Company and such offering.

Capital Group is acting as Financial Advisor in connection with the offering.

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

iCAD, Inc.

in Nashua, NH, iCAD is a global medical technology leader providing innovative
cancer detection and therapy solutions.

ProFound AI™
is a high-performing workflow solution for 2D and 3D mammography, or digital
breast tomosynthesis (DBT), featuring the latest in deep-learning artificial
intelligence. In 2018, ProFound AI for Digital Breast Tomosynthesis (DBT)
became the first artificial intelligence (AI) software for DBT to be
FDA-cleared; it was also CE marked and Health Canada licensed that same year.
It offers clinically proven time-savings benefits to radiologists, including a
reduction of reading time by 52.7 percent, thereby halving the amount of time
it takes radiologists to read 3D mammography datasets. Additionally, ProFound
AI for DBT improved radiologist sensitivity by 8 percent and reduced
unnecessary patient recall rates by 7.2 percent.

The Xoft
System is FDA-cleared, CE marked and licensed in a growing number of countries
for the treatment of cancer anywhere in the body. It uses a proprietary
miniaturized x-ray source to deliver a precise, concentrated dose of radiation
directly to the tumor site, while minimizing risk of damage to healthy tissue
in nearby areas of the body.

For more
information, visit


statements contained in this press release constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding the anticipated completion of the
offering, the satisfaction of closing conditions and the expected use of
proceeds. 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 achieve business and strategic objectives, the risks of
uncertainty of patent protection, the impact of supply and manufacturing
constraints or difficulties, uncertainty of future sales levels, to defend
itself in litigation matters, protection of patents and other proprietary
rights, the impact of supply and manufacturing constraints or difficulties,
product market acceptance, possible technological obsolescence of products,
increased competition, litigation and/or government regulation, changes in
Medicare or other reimbursement policies, risks relating to our existing and
future debt obligations, competitive factors, the effects of a decline in the
economy or markets served by the Company; 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,” “seek,” 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
and on the SEC’s website at


Media inquiries:
Jessica Burns, iCAD 

Investor relations:
Jeremy Feffer
LifeSci Advisors, LLC