iCAD Reports Strong Momentum of ProFound AI™, its Artificial Intelligence-Based Solution for Digital Breast Tomosynthesis


NASHUA, N.H.–()–iCAD,
Inc.
(NASDAQ: ICAD), a global medical technology leader providing
innovative cancer detection and therapy solutions, today reported strong
adoption of its latest deep-learning, cancer detection software solution
for digital breast tomosynthesis (DBT), ProFound AI™. The powerful
solution built on artificial intelligence (AI) delivers critical
benefits to radiologists, their facilities and patients in identifying
cancer earlier.

“ProFound AI for DBT is like having another radiologist right there in
the reading room with you,” said Randy Hicks, M.D., MBA, radiologist,
co-owner and CEO at Regional Medical Imaging. “It’s software you can
trust to help diagnose cancers and improve workflow, keeping physicians
on track and enabling them to read cases more quickly.”

Since the product was launched in the United States in December 2018,
ProFound AI has been adopted by a significant number of high-profile
hospitals and imaging centers in all major geographic areas of the
country, demonstrating the strong need for such revolutionary technology.

“We are very pleased with the preliminary success and strong adoption of
ProFound AI among some of the top luminary sites in the U.S.,” said
Stacey Stevens, executive vice president and chief strategy and
commercial officer at iCAD. “This strong initial adoption of ProFound AI
now allows us to create powerful reference sites, customer testimonials
and educational events that will further accelerate growth of this
unprecedented solution. As the only FDA cleared provider of AI
technology for digital breast tomosynthesis, we look forward to driving
continued adoption, ultimately transforming breast cancer detection and
improving patient lives.”

ProFound AI is a high-performance, deep-learning, cancer detection and
workflow solution for DBT delivering critical benefits to radiologists,
their facilities, and their patients through the improvement of cancer
detection rates by an average of 8 percent and decreasing unnecessary
patient recall rates by an average of 7 percent. The new technology has
been trained to detect malignant soft-tissue densities and
calcifications. It also provides radiologists with scoring information
representing the likelihood that a detection or case is malignant based
on the large dataset of clinical images used to train the algorithm.

“Following our recent implementation of ProFound AI from iCAD, we have
already recognized the value and benefits it is providing to us in
reading our DBT studies. Our radiologists appreciate this compelling
technology and the high sensitivity and specificity it delivers in
identifying lesion markings. It is imperative for us to continue
providing the community with the best technology available to detect
breast cancer, and our use of ProFound AI is indicative of this,” said
Harold Tanenbaum, M.D., radiologist, medical director Marine Park
Radiology, NY.

In addition to improving clinical performance related to breast cancer
detection and false positive rates, study results showed that ProFound
AI can reduce radiologists’ reading time by more than 50 percent on
average. An increase in reading time has been a significant challenge
for radiologists when moving from 2D to 3D mammography.

“We are proud to be using ProFound AI for DBT to assist our radiology
team in providing improved quality patient care. Timing is critical for
patients with hidden breast cancers, and the combination of 3D
mammography and iCAD’s ProFound AI software could be life saving,” said
John Ervin, imaging director for Hunt Regional Healthcare.

ProFound AI is currently available for use with leading DBT systems in
the U.S., Canada and Europe. For more information about the solution and
its benefits, visit www.icadmed.com.

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,
2018, 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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