The 12th annual awards recognized company’s state-of-the-art Artificial Intelligence solution for early breast cancer detection
NASHUA, NH – October 26, 2017 – iCAD, Inc. (NASDAQ: ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer, today announced that its PowerLook® Tomo Detection has been named 2017 Product of the Year by the New Hampshire High Technology Council, a member-driven organization with a focus on advancing innovation throughout the State of New Hampshire. Built on deep learning technology, iCAD’s PowerLook Tomo Detection is the first and only concurrent-read cancer detection solution for Digital Breast Tomosynthesis (DBT), engineered to make it possible for radiologists to detect breast cancer more efficiently.
“With a 29.2 percent average reduction in radiologist reading time and over 92 percent of malignant soft tissue densities detected, PowerLook Tomo Detection’s advanced technology is dramatically improving both workflow and image interpretation,” said Ken Ferry, CEO of iCAD. “This prestigious award underscores not only iCAD’s innovation, but also the promising future of advanced early breast cancer detection.”
One of the premier business events in New Hampshire, the 2017 Product of the Year competition marks the 12th year that the New Hampshire High Tech Council has highlighted local innovators. During the event, each of the product finalists made a final, seven-minute pitch about their recently developed product. Following the presentations, audience members cast their votes for the top product, and iCAD was awarded Product of the Year.
“It was an honor to represent the iCAD team at the Product of the Year competition this year,” said Diane Clifford, Director of Marketing for Cancer Detection at iCAD. “Early detection of breast cancer is critical to saving lives. As a company, it is our mission to provide healthcare solutions that optimize efficiency, clinician confidence and, ultimately, patient outcomes.”
The PowerLook Tomo Detection solution rapidly scans each plane in the tomosynthesis, or high-resolution 3D image volume, to identify suspicious soft tissue densities, including masses, architectural distortions and asymmetries. These soft tissue densities are extracted from the planes and naturally blended onto a synthetic 2D mammography image, creating an efficient and effective navigation tool for radiologists to decrease reading time and improve reader experience.
Unlike traditional 2D mammography cancer detection solutions, PowerLook Tomo Detection is designed to be used concurrently throughout study interpretation. The solution was approved for clinical use by the U.S. Food and Drug Administration (FDA) in March 2017, and is currently the only FDA approved tomosynthesis cancer detection solution available in the U.S.
For further information, or to request a demo, visit www.icadmed.com.
About iCAD, Inc.
iCAD delivers innovative cancer detection and radiation therapy solutions and services that enable clinicians to find and treat cancers earlier and faster while improving patient outcomes. iCAD offers a comprehensive range of upgradeable computer aided detection (CAD) and workflow solutions to support rapid and accurate detection of breast and colorectal cancers. iCAD’s Xoft® Axxent® Electronic Brachytherapy (eBx®) System® delivers high dose rate, low energy radiation, which targets cancer while minimizing exposure to surrounding healthy tissue. The Xoft System is FDA cleared and CE marked for use anywhere in the body, including treatment of non-melanoma skin cancer, early-stage breast cancer and gynecological cancers. The comprehensive iCAD technology platforms include advanced hardware and software as well as management services designed to support cancer detection and radiation therapy treatments. For more information, visit www.icadmed.com or www.xoftinc.com.
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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, 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 http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.
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