iCAD Announces Closing of $25.0 Million Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares

NASHUA, N.H.,
March 08, 2021 (GLOBE NEWSWIRE) — iCAD, Inc. (the “Company”, NASDAQ: ICAD), a
global medical technology leader providing innovative cancer detection and
therapy solutions, today announced the closing on March 5, 2021 of its
previously announced underwritten public offering of 1,393,738 shares of common
stock at a public offering price of $18.00 per share, which included the exercise
in full by the underwriters of their option to purchase up to an additional
171,516 shares of common stock. The Company received total gross proceeds from
the offering (before deducting the underwriting discounts and offering
expenses) of approximately $25.0 million. The Company intends to use the net
proceeds of the offering for working capital and general corporate purposes.

Guggenheim Securities
acted as sole book-running manager for the offering. JMP Securities,
Craig-Hallum Capital Group, and Lake Street Capital Markets, LLC acted as lead
managers for the offering and Laidlaw & Company (UK) Ltd. and Colliers
Securities LLC acted as co-managers for the offering.

The securities
described above were offered by the Company pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-235887) previously filed with
the Securities and Exchange Commission (“SEC”) on January 10, 2020, which
registration statement was declared effective on January 31, 2020 and an
additional registration statement on Form S-3MEF (File No. 333-253808) filed
pursuant to Rule 462(b) under the Securities Act of 1933, as amended, on March
2, 2021, which registration statement became automatically effective upon
filing.

A final
prospectus supplement relating to the offering dated March 2, 2021 was filed
with the SEC on March 4, 2021 and is available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus
supplement and accompanying prospectus relating to the offering may also be
obtained from Guggenheim Securities, LLC, Attention: Equity Syndicate
Department, 330 Madison Avenue, New York, NY 10017, by telephone at (212)
518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press
release shall not constitute an offer to sell or the solicitation of an offer
to buy any of the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.

About iCAD,
Inc.
Headquartered in Nashua, NH, iCAD is a global medical technology leader
providing innovative cancer detection and therapy solutions.

Forward-Looking
Statements
Certain statements contained herein constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995. For
example, when the Company discusses the anticipated use of proceeds from the
proposed offering, it is using forward-looking statements. 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 achieve
business and strategic objectives, increase sales and acceptance of products,
adoption by CMS of a new payment model, and that such model will prove
beneficial to the Company, which is not assured, implement expansion plans, 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, the impact of supply and
manufacturing constraints or difficulties, product market acceptance, possible
technological obsolescence of products, increased competition, to successfully
defend itself in litigation matters, government regulation, changes in Medicare
or other reimbursement policies, risks relating to the Company’s existing and
future debt obligations, competitive factors, the effects of a decline in the
economy or markets served by the Company, the effects of a global pandemic, and
other risks detailed in the Company’s filings with the SEC. 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 the Company, please see the disclosure contained
in the Company’s public filings with the SEC, available on the Investors
section of the Company’s 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
jburns@icadmed.com

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