iCAD completes acquisition of Xoft
7 Jan 2011
Cancer diagnostic imaging systems developer iCAD, Inc. (NASDAQ:ICAD) has completed the previously announced acquisition of Xoft, Inc., developer of the Axxent eBx electronic brachytherapy system.
The portable Axxent System, which delivers electronically-controlled radiation therapy directly to cancer sites with minimal radiation exposure to surrounding healthy tissue, is FDA-cleared for the treatment of early stage breast cancer, endometrial cancer and skin cancer, and for the treatment of other cancers or conditions where radiation therapy is indicated.
Xoft’s Axxent technology is approved for accelerated partial breast irradiation (APBI), which can be delivered twice daily for five days or it can be administered immediately following the lumpectomy procedure in only a few minutes with one course of therapy, also known as Intraoperative Radiation Therapy (IORT).
“Our new combined company is well positioned for long-term growth and to accelerate the adoption of new standards of care in oncology,” said Ken Ferry, President and CEO of iCAD. “By combining our innovative solutions, iCAD and Xoft can empower clinicians to improve patient outcomes through collaborative delivery of more targeted cancer detection, diagnosis, treatment and monitoring.”
“Xoft’s technology expands patient access to potentially life-saving treatments globally and provides a compelling treatment alternative to traditional external beam radiation, which is administered five days per week over a six to seven week timeframe,” said Michael Klein, former President and CEO of Xoft.
“We are excited to join with iCAD on our mission to increase access to targeted radiation therapy, improve patient outcomes and better the experience for patients during their cancer treatments.”
iCAD acquired 100% of the outstanding stock of Xoft for a total consideration of approximately $12.9 million and an additional earn-out potential for Xoft shareholders that is tied to cumulative net revenue of Xoft products over the next three years.