iCAD to Join Forces with Radiology Partners, the Nation’s Largest Radiology Practice
Strategic commercial agreement in development will leverage
Radiology Partners’ clinical expertise, ability to scale and leadership
position to drive nationwide adoption of iCAD’s Breast AI Suite
NASHUA, N.H. – November 10, 2022 – iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing
innovative cancer detection and therapy solutions, today announced the
first step in the development of a new strategic multi-year commercial
agreement and an initial order with Radiology
Partners, the largest radiology practice in the U.S. This planned collaboration
will solidify iCAD’s position as Radiology Partners’ provider of breast AI
solutions and will leverage Radiology Partners’ clinical expertise, scale and
leadership position to expand access to iCAD’s Breast AI Suite to thousands of physicians
and millions of patients.
“As we continue to deliver on our
mission to elevate the quality of breast cancer screening, the expected
execution of a collaboration agreement will mark a key step forward in our
ability to provide access to our unparalleled portfolio to significantly more
radiologists, practices and patients nationwide,” said Stacey Stevens,
President and CEO of iCAD, Inc. “Nationally recognized for their clinical
leadership in mammography screening, Radiology Partners provides mammography services
to millions of women per year across more than 3,000 facilities, including the
top ten largest health systems in the country, making them an exceptional
partner. This partnership will mark a tremendous milestone achievement for iCAD
and will represent an exciting opportunity to aggressively expand access to our
technology to more women.”
The company has already received
its first order from Radiology Partners, allowing hundreds of thousands of
women to be screened at Radiology Partners’ owned outpatient imaging center
sites with iCAD’s Breast AI Suite. iCAD’s technology can be deployed to the
Radiology Partners network via the Radiology Partners Cloud, significantly
increasing the potential for adoption across their network of facilities and unleashing
the ability to improve mammography screening for millions of women across the
country.
iCAD’s Breast AI Suite is the only
complete portfolio of first-in-kind, clinically proven technologies for the
detection of breast cancer, automated breast density assessment and short-term
personal risk evaluation. The portfolio includes: ProFound AI®, the first AI
cancer detection software for 3D mammography to be cleared by the FDA;
PowerLook® Breast Density Assessment, which aids in accurate and consistent
density-based stratification and reporting; and ProFound AI® Risk, the world’s
first and only clinical decision support tool that provides an accurate
short-term, breast cancer risk estimation that is truly personalized for each
woman based on age, breast density and mammographic features.
“As the largest and leading
radiology practice in the U.S., it is important to identify partners that can work
with us to deploy and integrate AI at scale as we advance our mission to
transform radiology,” said Rich Whitney, Radiology Partners Chairman and CEO.
“iCAD’s Breast AI Suite will allow us to equip our radiologists with tools to continually
elevate our breast screening practices, which in turn strengthens our ability
to provide quality care and excellent service to the women and families we
serve across the U.S.”
“At Radiology Partners, we believe
technological innovations are transforming the practice of radiology, and we
are focused on leveraging AI to create the world’s leading imaging enterprise,”
said Dr. Nina Kottler, Radiology Partners Associate CMO for Clinical Artificial
Intelligence. “In our search for a breast AI solution, we were looking for a
partner—not a product–and iCAD excels in this respect. In addition to their
portfolio of unrivaled AI technologies, we share a commitment to advance the
use of AI to become standard of care in mammography screening, and we are proud
to partner with them in the fight against breast cancer.”
“In addition to transforming
mammography screening nationwide, Radiology Partners and iCAD have an
opportunity to leverage each other’s strengths to address some of the toughest
challenges facing radiology today. As we move ahead, we look forward to
realizing the mutually meaningful growth this partnership could represent,”
added Ms. Stevens.
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.
About Radiology Partners
Radiology Partners is the largest
radiology practice in the U.S., serving more than 3,250 hospitals and other
healthcare facilities across the nation. As a physician-led and physician-owned
practice, our mission is to transform radiology by innovating across clinical
value, technology, service and economics, while elevating the role of radiology
and radiologists in healthcare. Using a proven healthcare services model,
Radiology Partners provides consistent, high-quality care to patients, while
delivering enhanced value to the hospitals, clinics, imaging centers and
referring physicians we serve. Learn more at radpartners.com and connect with us at @Rad_Partners.
Forward-Looking Statements
Certain statements contained in this News Release constitute
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements about the expected benefits
of ProFound AI®, the benefits of the Company’s products, and prospects for the
Company’s technology platforms and products. Such forward-looking statements
involve several 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. No assurance can be
given that we and Radiology Partners will agree upon and execute a definitive
agreement. Such factors also include, but are not limited, to the Company’s
ability to deploy its technology to the Radiology Partners network efficiently
and effectively, to increase the potential for adoption across their network of
facilities, to achieve business and strategic objectives, the willingness of
patients to undergo mammography screening in light of risks of potential
exposure to Covid-19, whether mammography screening will be treated as an
essential procedure, whether ProFound AI will improve reading efficiency,
improve specificity and sensitivity, reduce false positives and otherwise prove
to be more beneficial for patients and clinicians, whether the partnership will
in fact expand access to more women, the
impact of supply and manufacturing constraints or difficulties on our ability
to fulfill our orders, uncertainty of future sales levels, to defend itself in
litigation matters, protection of patents and other proprietary rights, product
market acceptance, possible technological obsolescence of products, increased
competition, 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,” “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, 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:
Jessica
Burns, iCAD
+1-201-423-4492
Investor
Inquiries:
iCAD
Investor Relations
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