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iCAD completes Xoft acquisition

by Olga Deshchenko, DOTmed News Reporter | January 03, 2011
iCAD Inc., an early cancer identification imaging software company, said Friday it completed its previously announced acquisition of radiation therapy company Xoft Inc.

Sunnyvale, Calif.-based Xoft is the developer of the Axxent eBx electronic brachytherapy system, an FDA-approved unit for treatment of early stage breast cancer, endometrial cancer, skin cancer and other conditions that use radiation therapy as a treatment option.

The total consideration at closing of the deal was approximately $12.9 million. iCAD also paid some of Xoft's transaction expenses, a total of about $1 million. Xoft stockholders own approximately 15.8 percent of iCAD's outstanding common stock, according to the company.

"Our new combined company is well positioned for long-term growth and to accelerate the adoption of new standards of care in oncology," Ken Ferry, president and CEO of iCAD, said in prepared remarks. "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 early afternoon trading, Nashua, N.H.-based iCAD stock sold for $1.38 per share, slightly up from the previous close price of $1.35 per share.