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iCAD signs agreement to acquire Xoft

iCAD has signed a definitive agreement to acquire Xoft for approximately 8.47 million shares of iCAD common stock and approximately $1.0m in cash, for a total consideration at closing valued at approximately $13.1m, exclusive of any potential earn-out payments.

The acquisition is expected to close by year-end, and brings an isotope-free cancer treatment platform technology to iCAD.

The portable Axxent System, which delivers electronically-controlled radiation therapy directly to cancer sites with minimal radiation exposure to surrounding healthy tissue, is FDA-cleared for the treatment of early stage breast cancer, endometrial cancer and skin cancer, and for the treatment of other cancers or conditions where radiation therapy is indicated.

Xoft’s Axxent technology is approved for accelerated partial breast irradiation (APBI), which can be delivered twice daily for five days or it can be administered immediately following the lumpectomy procedure in only a few minutes with one course of Intraoperative Radiation Therapy (IORT).

ICAD president and CEO Ken Ferry said the acquisition of Xoft will transform iCAD from a company focused on image analysis for the early detection of cancers to a broader player in the oncology market.

"We believe that early detection in combination with earlier targeted intervention will provide patients and care providers with the best tools available to achieve better clinical outcomes," Ferry said.