iCAD and Invivo Announce Global Strategic Agreement to Deliver MRI Solutions Worldwide
GAINESVILLE, Fla. & NASHUA, N.H.--(BUSINESS WIRE)-- Invivo, a Philips Healthcare Business, and a worldwide leader in MRI, and iCAD, Inc. (NAS: ICAD) , a leading provider of advanced imaging and radiation therapy technologies for the detection and treatment of cancer, today announced that the companies have entered into a global research, development, and commercial agreement.
Under the agreement, iCAD will develop advanced MRI image analysis software products which Invivo will incorporate into its suite of MRI product solutions for global commercial sale. The first products are anticipated to be available in Q2 2013. The initial focus of the partnership will be the release of a next generation platform for prostate and breast imaging. Additional new product releases are also anticipated beginning the second half of 2013.
This agreement allows iCAD and Invivo to continue bringing customers a robust suite of MR products including coils, accessories, and software, in combination with a world class customer service and support organization.
"The collaboration with Invivo combines the strengths of two market leaders with synergistic technologies that will provide more robust product innovations, allowing us to further deliver on our mission to offer comprehensive imaging solutions that aid in the detection and treatment of cancer," said Ken Ferry, CEO of iCAD. "As we continue to innovate and transform our business, we are now seeking to align the commercial strategy of our MR products similar to that of our successful mammography business."
"iCAD's MRI advanced image analysis products and technologies are a strong complement to Invivo's market-leading breast and prostate clinical solutions," said Brent Berthy, General Manager of Invivo. "Our new agreement with iCAD will allow us to further accelerate leading-edge innovation to our customers in this rapidly growing market segment."
The DynaCAD 3.0 platform offers a feature-rich workspace allowing the user to manage data, generate analysis reports, and communicate results in a single solution. The qualitative and quantitative image analysis tools improve workflow efficiency and provide improved flexibility for radiologists to quickly determine areas of concern for further assessment.
Invivo is a pioneer in innovative RF coils, advanced image visualization systems, and MRI-compatible interventional instruments. Invivo is also the world leader in MRI patient vital signs monitoring. Invivo draws on its financial strength, operational excellence and technical leadership in the market of Magnetic Resonance Imaging (MRI), as well as its expanding businesses within Medical Devices. The Company has more than 30-year history as a successful developer, manufacturer and marketer of high-value-added medical devices. For more information, visit www.invivocorp.com.
About iCAD, Inc.
iCAD is a leading provider of 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.
"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.
Kevin Burns, 937-431-7967
For iCAD investor relations
Anne Marie Fields, 212-838-3777 x6604
For iCAD media inquiries
Helen Shik, 781-684-0770
Rachel Bloom-Baglin, 978-659-3748
KEYWORDS: United States North America Florida New Hampshire
The article iCAD and Invivo Announce Global Strategic Agreement to Deliver MRI Solutions Worldwide originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.