iCAD, Inc. Announces Sale of Xoft, its Brachytherapy Business Line, to Elekta
23 October 2023 - 11:01PM
iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader
providing innovative cancer detection and therapy solutions
announced today that Elekta (EKTA-B.ST), the world leader in
brachytherapy solutions, has agreed to acquire Xoft, a subsidiary
of iCAD, Inc. for approximately $5.5 million and assumed
liabilities. Elekta is taking over the business effective
immediately and will make final payment no later than November
6, 2023. By acquiring the Xoft® Axxent® Electronic Brachytherapy
(eBx®) System®, Elekta will be able to offer electronic
brachytherapy technology to provide expanded access to treatment
for a range of cancers.
Xoft's unique technology provides targeted cancer care expertly
tailored to meet patients’ personalized needs. The carefully
designed Xoft eBx System empowers physicians with full confidence
to precisely and effectively treat cancer and enable patients to
live healthy, high-quality lives.
“As we’ve disclosed, we have been in the process of exploring
strategic options for the Xoft business that would accelerate the
accessibility of this technology and provide more focus and
synergies to its growth. We are pleased that Elekta will be
acquiring the Xoft subsidiary including both the technology and
team,” said Dana Brown, President & CEO of iCAD. “We are
confident that the Xoft technology under the leadership of John
Lapré and the Elekta team will continue to positively impact the
lives of cancer patients and the providers who care for them on a
global scale.”
The versatile Xoft eBx System utilizes breakthrough electronic
brachytherapy technology to provide expanded treatment options for
a range of cancers. With the Xoft System, highly focused
therapeutic radiation of the disease target is possible in a
minimally shielded setting, while sparing surrounding healthy
tissue.
The Xoft System is FDA cleared and CE marked, installed in more
than 120 sites in 16 countries around the world and licensed in a
growing number of countries for the treatment of cancer anywhere in
the body. The Xoft technology is supported by a growing body of
evidence for the treatment of early-stage breast cancer,
non-melanoma skin cancer (NMSC), gynecological cancers, and brain
cancers. Emerging applications include colorectal, prostate, and
pancreatic cancers. The Elekta solutions are used in more than 120
countries and through its global network, the Xoft technology will
now be able to reach more patients in need of personalized,
precision radiation therapy.
The company will provide further updates on the transaction and
its impact on cash, balance sheet and operations during its third
quarter earnings call. Craig-Hallum Capital Group served as advisor
to iCAD for this transaction.
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.
Forward-Looking StatementsCertain 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 expansion of
access to the Company’s products, improvement of performance,
acceleration of adoption and expected expansion. 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. 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.
iCAD Contacts:
Media Inquiries:pr@icadmed.com
Investor Inquiries:Investor Relationsir@icadmed.com
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