iCAD Announces Retirement of CEO, Ken Ferry

Michael Klein, Chairman of the Board, to serve as Executive Chairman and Interim CEO

NASHUA, N.H., Nov. 09, 2018 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced that Ken Ferry has retired from his position as Chief Executive Officer (CEO) and stepped down as a Director of the Company, effective immediately. Michael Klein, Chairman of iCAD’s Board, will serve as Executive Chairman and Interim CEO.

“I am excited to serve in an executive capacity and lead the Company during this important and transformational period of growth,” said Mr. Klein. “I believe that iCAD’s unique AI technology has the potential to transform both cancer detection and the assessment of at-risk patients. I look forward to working with the executive management team as we execute a strategy to grow our existing business while accelerating our development as a broader spectrum AI Imaging company. Upon receipt of FDA clearance for our new artificial intelligence product, designed for digital breast tomosynthesis, we are well-positioned to optimize the unique opportunity that exists in both US and international markets. We are fervently focused on unlocking the significant inherent value that exists in iCAD’s core technology, market presence and huge repository of CAD interpreted images.”

“On behalf of the entire Board, I would like to thank Ken for his contributions to iCAD throughout his 12 years as CEO. We wish him well in his future endeavors,” continued Mr. Klein.

Mr. Klein has served as the Chief Executive Officer at Inflection Point, an executive advisory and consulting firm since December 2014. His focus is on novel medical technologies that accelerate the clinical care pathway from “the discovery of disease to recovery.” Prior to that, Mr. Klein was the Chief Executive Officer at SonaCare Medical, LLC, a global leader in minimally invasive high intensity focused ultrasound technologies, from December 2011 to November 2014. From April 2011 to December 2011, Mr. Klein was the President of the Civco Radiation Oncology Division within Roper Industries, a diversified industrial company that produces engineered products for emerging global markets. He was President and Chief Executive Officer of Xoft, Inc. (“Xoft”), a medical device company, a position he held from December 2004 until the sale of Xoft to the Company in December 2010. Prior to joining Xoft, from 2000 to 2004, Mr. Klein served as Chairman, President and Chief Executive Officer of R2 Technology, Inc., a pioneering breast and lung cancer computer aided detection company. He also served as Vice President of Sales and Marketing with Varian Medical System and Becton Dickinson’s BD Medical Division. Mr. Klein received a Bachelor of Arts degree from the University at Albany. Mr. Klein also received his M.B.A. from the New York Institute of Technology and completed his post-graduate Executive Education Studies at Harvard University and Babson College.

“I am extremely proud of iCAD’s accomplishments over the past 12 years, including the Company’s evolution into an industry leader providing powerful medical technologies that are revolutionizing cancer detection and therapy,” said Mr. Ferry. “I believe iCAD is well-positioned to achieve its next phase of growth.”

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, 2017, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.

Contact:

Media Inquiries:

ARPR, on behalf of iCAD, Inc.
Paul Barren, +1 (855) 300-8209
paul@arpr.com

Investor Relations:
LifeSci Advisors
Jeremy Feffer, +1 (212) 915-2568
jeremy@lifesciadvisors.com