NASHUA, N.H. — June
13, 2019 – iCAD, Inc. (“iCAD”) (NASDAQ: ICAD), a global medical technology
leader providing innovative cancer detection and therapy solutions, announced
today the pricing of its previously announced underwritten registered public
offering of 1,636,364 shares of its common stock at a price to the public of
$5.50 per share, for gross proceeds of approximately $9.0 million. In addition,
iCAD has granted the underwriter a 30-day option to purchase up to 245,454
additional shares of common stock to cover over-allotments, if any. The
offering is expected to close on or about June 17, 2019, subject to the
satisfaction of customary closing conditions.
After deducting the underwriter’s discount and other
estimated offering expenses payable by iCAD, the net proceeds are expected to
be approximately $8.3 million. These amounts assume no exercise of the
underwriter’s over-allotment option. The Company intends to use the net
proceeds of the offering for working capital and other general corporate
Craig-Hallum Capital Group is acting as sole managing
underwriter for the offering.
A registration statement on Form S-3 (File No. 333-228514)
relating to the shares of common stock of iCAD being offered in the offering
was declared effective by the Securities and Exchange Commission (the “SEC”) on
December 4, 2018. A preliminary prospectus supplement and accompanying
prospectus relating to and describing the terms of the offering have been filed
with the SEC and may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or by contacting Craig-Hallum
Capital Group LLC at 222 South Ninth Street, Suite 350, Minneapolis, MN 55402,
Attention Equity Capital Markets, by telephone at 612-334-6300, or by email at email@example.com. The final terms of
the offering will be disclosed in a final prospectus supplement to be filed
with the SEC.
This press release shall not constitute an offer to sell, or
the solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About iCAD, Inc.:
Headquartered in Nashua, NH, iCAD is a global medical
technology leader providing innovative cancer detection and therapy solutions.
release contains “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Although the forward-looking
statements in this release reflect the good faith judgment of management,
forward-looking statements are inherently subject to known and unknown risks
and uncertainties that may cause actual results to be materially different from
those discussed in these forward-looking statements. Readers are urged to
carefully review and consider the various disclosures made by us in the reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial
condition, results of operation and cash flows. If one or more of these risks
or uncertainties materialize, or if the underlying assumptions prove incorrect,
our actual results may vary materially from those expected or projected.
Readers are urged not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. We assume no
obligation to update any forward-looking statements in order to reflect any
event or circumstance that may arise after the date of this release.
LifeSci Advisors, on behalf of iCAD, Inc.