iCAD Receives FDA Approval for Digital CAD with Philips Digital Mammography System

NASHUA, N.H.--(BUSINESS WIRE)--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 approval by the U.S. Food and Drug Administration (FDA) for use of the company’s next generation mammography computer-aided detection (CAD) platform, PowerLook Advanced Mammography Platform (AMP)^TM, with Digital CAD for Philips’ MicroDose Full-Field Digital Mammography System.

“This further broadens our partnerships with leading digital mammography companies and provides radiologists with an innovative combination of assessment tools to improve patient care.”

“We are pleased to provide our customers with a comprehensive mammography solution. This partnership brings together our unique spectral imaging capability enabled through photon counting technology that lets us deliver the best IQ with the lowest dose in the industry and iCAD’s industry-leading CAD solution to deliver workflow efficiencies and enhanced patient care,” said Kevin Tahmoush, Business Leader for Mammography Solutions of Philips. “Additionally, the modular design of iCAD’s PowerLook AMP and the industry-leading CAD product provides our MicroDose customers with unmatched flexibility to choose the products and functionality they need to work more efficiently.”

“With this recent FDA approval, we will now be able to offer PowerLook AMP, our next generation digital mammography CAD platform, with the Philips MicroDose Full-Field Digital Mammography System,” said Ken Ferry, CEO of iCAD. “This further broadens our partnerships with leading digital mammography companies and provides radiologists with an innovative combination of assessment tools to improve patient care.”

PowerLook AMP provides radiologists with the ability to customize their CAD solution to meet the needs of their individual work environment. The technology expands on iCAD’s SecondLook Digital algorithm and is the CAD platform upon which all future breast imaging CAD offerings from iCAD will be built. PowerLook AMP’s CAD metrics offer industry-leading tissue and lesion characteristics to support the breast imager’s workflow.

iCAD’s PowerLook AMP’s flexible DICOM connectivity solution supports direct integration with Philips’ IntelliSpace Breast workstation as well as enabling universal compatibility with leading PACS and Review Workstations. Additional modules are expected to be developed and integrated into PowerLook AMP in the future.

About iCAD, Inc.

iCAD is an industry-leading provider of Computer-Aided Detection (CAD) technologies, advanced image analysis, workflow solutions and radiation therapies for the early identification and treatment of common cancers. iCAD offers a comprehensive range of high-performance, upgradeable CAD solutions for mammography and advanced image analysis and workflow solutions for Magnetic Resonance Imaging, for breast and prostate cancers and Computed Tomography for colorectal cancer. iCAD’s Xoft System, offers radiation treatment for early-stage breast cancer that can be administered in the form of intraoperative radiation therapy or accelerated partial breast irradiation. The Xoft System is also cleared for the treatment of non-melanoma skin cancer and endometrial cancer. For more information, call (877) iCADnow, or visit www.icadmed.com.

About Royal Philips Electronics

Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified health and well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity.” Headquartered in the Netherlands, Philips employs approximately 122,000 employees with sales and services in more than 100 countries worldwide. With sales of EUR 22.6 billion in 2011, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.

"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, the risks relating to the Company’s acquisition of Xoft including, the expected benefits of the acquisition may not be achieved in a timely manner, or at all; the Xoft business operations may not be successfully integrated with iCAD’s and iCAD may be unable to achieve the expected synergies, business and strategic objectives following the transaction, the risks of uncertainty of patent protection; the impact of supply and manufacturing constraints or difficulties; product market acceptance; possible technological obsolescence; increased competition; customer concentration; 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”, 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.