iCAD to Partner with Leading Breast Cancer Researchers from Karolinska Institutet to Develop Artificial Intelligence-Based Breast Cancer Risk Prediction Solution

Proposed Collaboration would
support iCAD’s leadership position in providing AI-based solutions that advance
risk assessment for breast cancer

VIENNA, Austria – (February 27, 2019) – iCAD, Inc. (NASDAQ:
ICAD), a global medical technology leader providing innovative cancer detection
and therapy solutions, today announced their intent to enter into an exclusive
relationship with two leading researchers at The Karolinska Institutet in
Stockholm, Sweden, one of the world’s foremost medical research universities,
to develop an artificial intelligence (AI)-based solution that will identify a
women’s individual risk of developing breast cancer.

This
partnership builds on an existing research agreement whereby researchers at the
Karolinska Institutet developed a breast
cancer risk prediction model using information identified in mammography images
provided by iCAD’s AI cancer detection and density assessment solutions.
Promising early results based on mammography images from over 70,000 Swedish
women enrolled in The Karolinska Mammography Project for Risk Prediction of
Breast Cancer (Karma) study were published in Breast Cancer Research in 2017. These data indicated that the model
developed enabled early identification of women who were at a high-risk for
breast cancer and it was determined that additional examinations were
warranted. Since this publication, these results have been improved upon
through the use of iCAD’s latest ProFound™ AI algorithm. Among other things, the model now
takes asymmetry of mammographic features and masking of tumors into
consideration.

iCAD and the
Karolinska Institutet researchers now intend to collaborate to develop an innovative solution for
commercial use to assess an individual’s risk of developing breast cancer. iCAD
and the researchers have agreed to
negotiate in good faith with the expectation of
entering into an exclusive license agreement for the breast cancer risk
assessment model.

According to the
World Health Organization, breast cancer is the most prevalent cancer among
women worldwide, impacting over 2 million women each year. Breast cancer screening
and early detection are key to improving outcomes and survival rates.

However,
today, most mammography screening programs are not individualized, so a
significant need exists to be able to identify individual risk of the disease
in order to most effectively screen for breast cancer.

“Models that
accurately predict an individual woman’s risk of developing breast cancer are
paramount to transitioning from age-based screening to risk-based screening,”
said Per Hall, Professor, Senior Physician, Karolinska Institutet. “Most
current risk models are population-based and focus on lifetime or long-term
risk. Our research using the iCAD AI technology has shown that by simply using
the information available in the mammogram images, we can more accurately
stratify women based on short-term risk. Understanding short-term risk will
open the door to new paradigms in both the prevention and treatment of breast
cancer.”

iCAD announced
the commercial availability of its ProFound AI for breast cancer detection in
digital breast tomosynthesis in 2018, which delivers critical benefits,
including improvements of cancer detection rates, a decrease in unnecessary
patient recalls, and shorter reading times for radiologists.

“We envision
the field of mammography moving from age-based screening protocols to “risk
adaptive screening.” Concurrently, we foresee the emergence of individualized
breast screening protocols based on risk characteristics,” said Mike Klein,
Executive Chairman and CEO of iCAD. “This new frontier of predictive risk
assessment for cancer is indicative of the continued expansion of our newly
released ProFound AI offering for breast cancer detection. Correlating iCAD’s
high cancer detection rates, low false positive levels
and a 50% reduction in reading time with the burgeoning volume of patent risk
data, may provide a quantum leap in clinical efficacy and patient care.

We are
extremely pleased to have the opportunity to partner with researchers from one
of the most prestigious medical institutes in the world. The fusion of research
from Karolinska Institute with iCAD’s advanced AI capability has the potential
to transform breast
disease management. We envision that novel AI technology will further evolve
the clinician and patient interface to a proactive disease management approach
where prediction, and possibly even prevention, become a part of the clinical
dialogue.”

On Friday,
March 1st at the European
Congress of Radiology in Vienna, Austria, iCAD will host AI After Dark, an
evening reception titled “New Frontier: Predicting Breast Cancer through AI.”
The event will feature industry leaders in breast health who will discuss their
perspectives on how the industry is transforming breast cancer detection, and
share their personal experiences with ProFound AI in research and clinical practice.
In addition, Dr. Hall will discuss Karolinska’s collaborative approach to a
“risk stratified approach to breast cancer screening.”

For more
information about iCAD and its solutions or to register for a meeting or
demonstration at ECR, please visit www.icadmed.com/ecr2019.html.

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.

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Contact:

Media Inquiries:

ARPR, on behalf of iCAD, Inc.
Paul Barren, (855) 300-8209
paul@arpr.com

Investor Relations:

LifeSci Advisors, on behalf of iCAD, Inc.
Jeremy Feffer, (212) 915-2568
jeremy@lifesciadvisors.com