iCAD Inc.

History

Founded in 1984 as Howtek, Inc., it developed, manufactured and marketed digitizing systems or scanners. The scanners converted printed, photographic and other hard copy images to digital form for use in the graphic arts, photo finishing and medical industries.

From 1984 to 2000 Howtek successfully developed a series of products that improved the quality of digital imaging while reducing the price and complexity of digitizing systems. In 2001, foreseeing a decline in the graphic arts and photo finishing industries, Howtek elected to focus solely on the medical imaging market. The company acquired Intelligent Systems Software, Inc. (ISSI) which had developed an approved CAD system for breast cancer. Subsequently, the company acquired Qualia Computing, Inc. of Ohio and its subsidiary, CADx Systems, Inc. These acquisitions brought together two of the three companies with clearance from the Food and Drug Administration (FDA) to market CAD solutions for breast cancer in the United States.

iCAD originally focused on image-analysis products designed to help radiologists and other health-care providers detect cancers early. In December 2010, iCAD expanded the company's oncology footprint by acquiring Xoft, Inc. It acquired Xoft's Axxent system, which delivers radiation therapy directly to cancer sites with minimal radiation exposure to surrounding healthy tissue, according to the company. The system was approved in the U.S. for treatment of early-stage breast cancer, endometrial cancer and skin cancer, as well as other varieties where radiation therapy is indicated. The shield used in the system had been cleared by the FDA in June 2009 in an abbreviated process used for devices that are considered equivalent to products already on the market. That process, known as 510(k), takes less time than the procedure used to approve a new device, and it generally does not require tests on humans.

Trends in healthcare

iCAD continues to experience a period of growth in its cancer therapy business. Radiation treatment for breast, skin, and gynecological cancers is moving from conventional external beam therapy to shorter duration, more targeted therapy. The advantages of the Xoft System, which is FDA cleared for treatment anywhere in the body, have significant potential to improve patient care and quality of life.