iCAD Completes Acquisition of Xoft, Inc.

NASHUA, N.H.--(BUSINESS WIRE)--iCAD, Inc. (NASDAQ:ICAD), an industry-leading provider of advanced image analysis and workflow solutions for the early identification of cancer, 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”

“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.”

In the third quarter of 2010, the American Society for Radiation Oncology (ASTRO) applied for a Category 1 CPT procedure code for single fraction (one dose) Intraoperative Radiation Therapy (IORT). Numerous clinical studies, including the landmark TARGIT-A trial published in The Lancet in June 2010, have supported this treatment option.

source: BusinessWire