iCAD Announces Retirement of CEO, Ken Ferry
Michael Klein, Chairman of the Board, to serve as
Executive Chairman and Interim CEO
NASHUA, N.H., (November
9, 2018)
– iCAD,
Inc.
(NASDAQ: ICAD), a global medical technology leader providing innovative
cancer detection and therapy solutions, today announced that Ken Ferry has
retired from his position as Chief Executive Officer (CEO) and stepped down as
a Director of the Company, effective immediately. Michael Klein, Chairman of
iCAD’s Board, will serve as Executive Chairman and Interim CEO.
“I am excited to serve in an
executive capacity and lead the Company during this important and
transformational period of growth,” said Mr. Klein. “I believe that iCAD’s
unique AI technology has the potential to transform both cancer detection and
the assessment of at-risk patients. I look forward to working with the executive
management team as we execute a strategy to grow our existing business while
accelerating our development as a broader spectrum AI Imaging company. Upon
receipt of FDA clearance for our new artificial
intelligence product, designed for digital breast tomosynthesis, we are well-positioned to optimize the unique opportunity
that exists in both US and international markets. We are fervently focused on unlocking the significant
inherent value that exists in iCAD’s core technology, market presence and huge
repository of CAD interpreted images.”
“On behalf of the entire Board, I
would like to thank Ken for his contributions to iCAD throughout his 12 years
as CEO. We wish him well in his future endeavors,” continued Mr. Klein.
Mr. Klein has served as
the Chief Executive Officer at Inflection Point, an executive advisory and
consulting firm since December 2014. His focus is on novel medical technologies
that accelerate the clinical care pathway from “the discovery of disease to
recovery.” Prior to that, Mr. Klein was the Chief Executive Officer at SonaCare
Medical, LLC, a global leader in minimally invasive high intensity focused
ultrasound technologies, from December 2011 to November 2014. From April 2011
to December 2011, Mr. Klein was the President of the Civco Radiation Oncology
Division within Roper Industries, a diversified
industrial company that
produces engineered products for emerging global markets. He was President and
Chief Executive Officer of Xoft, Inc. (“Xoft”), a medical device company, a
position he held from December 2004 until the sale of Xoft to the Company in
December 2010. Prior to joining Xoft, from 2000 to 2004, Mr. Klein served as
Chairman, President and Chief Executive Officer of R2 Technology, Inc., a pioneering
breast and lung cancer computer aided detection company. He also served as Vice
President of Sales and Marketing with Varian Medical System and Becton
Dickinson’s BD Medical Division. Mr. Klein received a Bachelor of Arts degree
from the University at Albany. Mr. Klein also received his M.B.A. from the New
York Institute of Technology and completed his post-graduate Executive
Education Studies at Harvard University and Babson College.
“I am extremely proud of
iCAD’s accomplishments over the past 12 years, including the Company’s evolution
into an industry leader providing powerful medical technologies that are
revolutionizing cancer detection and therapy,” said Mr. Ferry. “I believe iCAD is well-positioned to achieve
its next phase of growth.”
About
iCAD, Inc.
Headquartered in Nashua, NH, iCAD is a global
medical technology leader providing innovative cancer detection and therapy
solutions. For more information, 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, 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, protection of patents and other proprietary rights,
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”, “would”, “could”, “consider”, “project”,
“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, including the 10-K for the year ended December 31, 2017, 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:
Media Inquiries:
ARPR,
on behalf of iCAD, Inc.
Paul
Barren, +1 (855) 300-8209
Investor
Relations:
LifeSci
Advisors
Jeremy
Feffer, +1 (212) 915-2568