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NASHUA, N.H., Sept. 04, 2019 (GLOBE NEWSWIRE) -- iCAD, Inc. (“iCAD”) (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced MedTech Breakthrough, an independent organization that recognizes the top companies and solutions in the global health and medical technology market, selected the Company’s ProFound AI™ platform as the winner of its “Best New Radiology Solution” award in the 2019 MedTech Breakthrough Awards program.
ProFound AI™ for Digital Breast Tomosynthesis (DBT) is the first and only FDA-cleared artificial intelligence (AI) solution that supports breast cancer detection in DBT, or 3D mammography. The technology is intended to be used concurrently by radiologists reading DBT exams and uses a cutting-edge algorithm developed with the latest in deep-learning.
Trained to detect malignant soft-tissue densities and calcifications, ProFound AI aids radiologists in breast cancer detection and is clinically proven to improve cancer detection rates, reduce false positives and unnecessary patient recalls, and decrease reading times for radiologists. The software rapidly and accurately analyzes each DBT image and provides radiologists with key information, such as unique Certainty of Finding and Case Scores, which assist radiologists in making clinical decisions and prioritizing caseloads.
“Artificial intelligence is revolutionizing healthcare by improving operational efficiency, clinician confidence, and patient outcomes, and iCAD is committed to remaining on the forefront of this movement. We are honored to accept this award, which further validates ProFound AI as a leading solution that offers benefits to both radiologists and their patients,” according to Stacey Stevens, president of iCAD. “ProFound AI for DBT is clinically proven to improve sensitivity by 8 percent, reduce unnecessary patient recall rates by 7.2 percent, and slash reading time for radiologists by over 50 percent.”1
The mission of the MedTech Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of health and medical technology categories, including robotics, clinical administration, telehealth, patient engagement, electronic health records (EHR), mHealth, and medical devices. This year’s program attracted over 3,500 nominations from more than 15 different countries throughout the world.
“iCAD is a previous MedTech Breakthrough Award winner, and we are delighted to see the Company continue to innovate. ProFound AI is a revolutionary technology built on the latest deep-learning and artificial intelligence technology that assists radiologists and addresses the challenges of reading breast tomosynthesis cases,” said James Johnson, managing director, MedTech Breakthrough. “We extend a hearty congratulations to the entire iCAD team on their innovative spirit and ability to execute on incorporating sophisticated AI technology in a platform that delivers incredibly real-world benefits.”
ProFound AI for DBT runs on the industry-leading PowerLook platform with NVIDIA Graphical Processing Units (GPU). PowerLook is a ﬂexible and reliable DICOM platform that easily integrates with image modalities, mammography review workstations, PACS, and image storage systems. Leveraging the latest in GPU technology, the algorithm can rapidly process a 4-view tomosynthesis case, ensuring results are available to radiologists in the most efficient manner. Currently, ProFound AI for DBT is available for use with leading DBT systems in Europe, Canada and the United States and its adoption continues to grow globally.
ProFound AI for DBT was FDA cleared, CE marked, and Health Canada licensed in 2018. For more information, visit https://www.icadmed.com/profoundai.html.
About iCAD, Inc.
Headquartered in Nashua, N.H., iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions. For more information, visit www.icadmed.com.
About MedTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the MedTech Breakthrough Awards program is an independent program devoted to honoring excellence in medical and health related technology companies, products, services and people. The MedTech Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough health and medical companies and products in categories that include Patient Engagement, mHealth, Health & Fitness, Clinical Administration, Healthcare IoT, Medical Data, Healthcare Cybersecurity and more. For more information, visit MedTechBreakthrough.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, the impact of supply and manufacturing constraints or difficulties, 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,” “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.
Jessica Burns, iCAD
Jeremy Feffer, LifeSci Advisors