iCAD completes acquisition
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
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.
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.
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.