|By Business Wire||
|April 28, 2014 04:00 PM EDT||
iCAD, Inc. (Nasdaq: ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer, today reported that the Company has entered into an agreement effective April 28, 2014 that terminates the revenue-sharing component of iCAD’s debt facility agreement with Deerfield Management Company LP, dated December 29, 2011, in exchange for a cash payment of $4.1 million to Deerfield. Under this portion of the debt facility, iCAD historically paid Deerfield an average of 4.0% of revenues, which had an annual cash cost to iCAD of approximately $1.3 million in fiscal year 2013. Additionally, the Company has amended the facility agreement to eliminate the Company’s ability to extend the final payment date for a year.
“We are pleased to execute this agreement with Deerfield, as we believe it is in our shareholders’ best interest to remove the most costly component of our debt facility in order to significantly reduce our interest expense moving forward,” stated Ken Ferry, President and Chief Executive Officer of iCAD.
Separately, iCAD announced that Deerfield has exercised 450,000 warrants to purchase shares of iCAD common stock, which were issued as part of the debt facility, generating proceeds to iCAD of approximately $1.6 million. The net cash impact to iCAD from these two transactions is approximately $2.5 million.
About iCAD, Inc.
iCAD is an industry-leading provider of advanced image analysis, workflow solutions and radiation therapies for the early identification and treatment of common cancers. iCAD offers a comprehensive range of high-performance, upgradeable CAD solutions for mammography and advanced image analysis and workflow solutions for Magnetic Resonance Imaging, for breast and prostate cancers and Computed Tomography for colorectal cancer. iCAD’s Xoft® Axxent® Electronic Brachytherapy (eBx®) System®, offers radiation treatment for early-stage breast cancer that can be administered in the form of intraoperative radiation therapy or accelerated partial breast irradiation. The Xoft System is also cleared for the treatment of non-melanoma skin cancer and gynecological cancers. For more information, call 877-iCADnow, or visit www.icadmed.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 significant losses and uncertainty of our ability to achieve and sustain profitability, the ability to protect patents and other proprietary rights, the ability to defend itself in litigation matters, the Company’s customers’ ability to obtain appropriate coverage, and reimbursement from third-party payors, for our products and treatments, the Company’s ability to create significant markets for its newly developed products and treatments, the Company’s dependence on a limited number of customers, the uncertainty of growth of the Company’s product markets, the risk of impairment of the Company’s goodwill or other intangible assets, the risks related to regulatory and other legal requirements, the significant costs of extensive regulatory compliance, the volatility of the Company’s operating and financial results, the risks related to the Company’s existing and future debt obligations, the possible technological obsolescence of the Company’s products, the impact of supply and manufacturing constraints or difficulties, competitive pressures and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe”, “demonstrate”, “intend”, “expect”, “estimate”, “anticipate”, “likely”, 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
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