iCAD and Invivo Announce Global Strategic Agreement to Deliver MRI Solutions Worldwide
GAINESVILLE, Fla. & NASHUA, N.H.--(BUSINESS WIRE)--Mar 11, 2013--Invivo, a Philips Healthcare Business, and a worldwide leader in MRI, and iCAD, Inc. (Nasdaq: ICAD), a leading provider of advanced imaging and radiation therapy technologies for the detection and treatment of cancer, today announced that the companies have entered into a global research, development, and commercial agreement.
Under the agreement, iCAD will develop advanced MRI image analysis software products which Invivo will incorporate into its suite of MRI product solutions for global commercial sale. The first products are anticipated to be available in Q2 2013. The initial focus of the partnership will be the release of a next generation platform for prostate and breast imaging. Additional new product releases are also anticipated beginning the second half of 2013.
This agreement allows iCAD and Invivo to continue bringing customers a robust suite of MR products including coils, accessories, and software, in combination with a world class customer service and support organization.
“The collaboration with Invivo combines the strengths of two market leaders with synergistic technologies that will provide more robust product innovations, allowing us to further deliver on our mission to offer comprehensive imaging solutions that aid in the detection and treatment of cancer,” said Ken Ferry, CEO of iCAD. “As we continue to innovate and transform our business, we are now seeking to align the commercial strategy of our MR products similar to that of our successful mammography business.” “iCAD’s MRI advanced image analysis products and technologies are a strong complement to Invivo’s market-leading breast and prostate clinical solutions,” said Brent Berthy, General Manager of Invivo. “Our new agreement with iCAD will allow us to further accelerate leading-edge innovation to our customers in this rapidly growing market segment.” The DynaCAD 3.0 platform offers a feature-rich workspace allowing the user to manage data, generate analysis reports, and communicate results in a single solution. The qualitative and quantitative image analysis tools improve workflow efficiency and provide improved flexibility for radiologists to quickly determine areas of concern for further assessment.
Invivo is a pioneer in innovative RF coils, advanced image visualization systems, and MRI-compatible interventional instruments. Invivo is also the world leader in MRI patient vital signs monitoring. Invivo draws on its financial strength, operational excellence and technical leadership in the market of Magnetic Resonance Imaging (MRI), as well as its expanding businesses within Medical Devices. The Company has more than 30-year history as a successful developer, manufacturer and marketer of high-value-added medical devices. For more information, visit www.invivocorp.com.
About iCAD, Inc.
iCAD is a 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 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 endometrial cancer. For more information, call 877-iCADnow, or visit www.icadmed.com.