iCAD Announces CFO Transition
NASHUA, N.H., (December
27, 2018)
– iCAD, Inc. (NASDAQ: ICAD), a
global medical technology company providing innovative cancer detection and
therapy solutions, today announced that Richard Christopher, Executive Vice
President, Chief Financial Officer, is resigning from the Company to pursue another
career opportunity, effective January 11, 2019. Mr. Christopher’s resignation
is not the result of any dispute or disagreement with iCAD or any matter
relating to the Company’s accounting practices or financial statements. iCAD’s
Board of Directors has approved the appointment of R. Scott Areglado, Vice President and Corporate Controller, to
the position of interim Chief Financial Officer. The Company will conduct an
executive search process to identify a successor to Mr. Christopher.
“Scott has served as iCAD’s
Corporate Controller for more than seven years, and has previously held the
role of interim Chief Financial Officer,” said Michael Klein, Executive
Chairman and CEO. “We are highly confident in his ability to oversee our
financial operations. Importantly, having just closed a $7.0 million private
placement to be utilized primarily to support enhanced commercial activities
for our recently FDA cleared ProFound AI for mammography, a
high-performance, cancer detection AI technology, iCAD is in a strong financial
position.”
Mr. Areglado has served as Vice President and
Corporate Controller since May 2011, and previously held the role of interim
Chief Financial Officer from September 2016 to November 2016, prior to the
appointment of Mr. Christopher in November 2016. From 2005 to 2010, Mr.
Areglado served as Vice President and Controller at AMICAS, Inc., a
NASDAQ-listed image and information management solutions company serving the
healthcare industry, where he led the financial statement preparation and
accounting operations for the company, including support for the successful
acquisition of the company by Merge Healthcare. Mr. Areglado has more than 25
years of experience in finance and accounting and was a Certified Public
Accountant from 1990 to 2007. Mr. Areglado received a Master of Business
Administration degree from the Franklin W. Olin Graduate School of Business at
Babson College and a Bachelor of Business Administration degree in Accounting
from the University of Massachusetts, Amherst.
“On behalf of the iCAD team, I would
like to thank Rich for his dedication to the Company as CFO, and wish him success
in his future endeavors,” continued Mr. Klein.
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
Investor
Relations:
LifeSci
Advisors
Jeremy
Feffer, +1 (212) 915-2568