iCAD Signs Distribution Agreement with Change Healthcare
Contract with market-leading enterprise imaging provider expands
access to ProFound AI for hospitals and imaging centers across North America
NASHUA, N.H. – October 20, 2020 – iCAD, Inc. (NASDAQ: ICAD), a global
medical technology leader providing innovative cancer detection and therapy
solutions, today announced it has signed a distribution agreement with Change Healthcare (NASDAQ:
CHNG), a leading independent healthcare technology company focused on insights,
innovation and accelerating the transformation of the U.S. healthcare system.
The agreement will expand access to ProFound AI™ for more hospitals and imaging
centers across North America.
ProFound AI for Digital
Breast Tomosynthesis (DBT), or 3D mammography, is a high-performing workflow
solution featuring the latest in deep-learning artificial intelligence
capabilities. Intended to be used by radiologists reviewing mammography or DBT
images, ProFound AI rapidly and accurately analyzes each individual image or
slice and identifies potentially malignant lesions. Trained with one of the
largest available 3D image datasets, it provides radiologists with crucial
information, such as Certainty of Finding lesion and Case Scores, which assists
in clinical decision-making and prioritizing caseloads.
“ProFound AI offers
unparalleled benefits to clinicians and patients alike, including clinically proven improvements in radiologists’ sensitivity and
specificity when reading 3D mammography, as well as a significant reduction in
reading time,” according to Stacey
Stevens, President of iCAD.
“Although ProFound AI is
already available throughout a growing number of leading institutions in the
U.S. and the rest of the world, we are energized by this agreement as it will
enable more clinicians and women in North America to benefit from this technology,”
continued Stevens. “Profound AI offers a unique solution during the era of
COVID-19 and beyond, as it enables radiologists to more effectively manage the
backlog of women who need to be screened this year, while also improving
reading accuracy.”
Change Healthcare collaborates
with payers and providers to apply insights,
innovation and transformation around data and
analytics solutions and services to improve clinical decision-making, simplify
billing, collection, and payment processes, and enable a better patient
experience.
“As Change Healthcare looks to accelerate and transform enterprise imaging
with the use of AI and cloud-native solutions, we are thrilled to partner
with iCAD and offer our customers the ProFound AI platform as part of our Mammography Plus solution,” said
Tracy Byers, senior vice president and general manager, Imaging, Change
Healthcare. “We are focused on radiologist productivity and aiding them with
decision support tools that are elegantly integrated into their workflow. The
integration of iCAD solutions into our digital mammography solutions will help
improve patient outcomes by improving early cancer detection and enhancing
clinical workflow. We could not be more excited about empowering our customers
and our new partnership with iCAD.”
About
iCAD, Inc.
Headquartered 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.[i]
The
Xoft® Axxent® Electronic Brachytherapy (eBx®) 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 www.icadmed.com and www.xoftinc.com.
Forward-Looking
Statements
Certain statements
contained in this News Release constitute “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995, including
statements about the expected benefits of the Company’s agreement with Change Healthcare
and the future prospects for the Company’s technology platforms and products.
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 willingness
of patients to undergo mammography screening in light of risks of potential
exposure to Covid-19, whether mammography screening will be treated as an
essential procedure, whether ProFound AI will improve reading efficiency, improve
specificity and sensitivity, reduce false positives and otherwise prove to be
more beneficial for patients and clinicians,
the impact of supply and manufacturing constraints or difficulties on
the Company’s ability to fulfill orders,
uncertainty of future sales levels, to defend itself in litigation matters,
protection of patents and other proprietary rights, product market acceptance, possible
technological obsolescence of products, increased competition, government
regulation, changes in Medicare or other reimbursement policies, risks relating
to the Company’s 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 the Company’s public filings with the Securities and Exchange
Commission, available on the Investors section of the Company’s website at
http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.
Media inquiries:
Amy Cook, iCAD
+1-925-200-2125
Investor relations:
Jeremy Feffer, LifeSci Advisors
+1-212-915-2568
# # #
[i] Conant, E. et al. (2019). Improving Accuracy
and Efficiency with Concurrent Use of Artificial Intelligence for Digital
Breast Tomosynthesis. Radiology: Artificial Intelligence.
1 (4). Accessed via https://pubs.rsna.org/doi/10.1148/ryai.2019180096