iCad raises $15 million

by Brendon Nafziger, DOTmed News Associate Editor | January 03, 2012
iCad Inc. said Tuesday it raised $15 million through a debt facility agreement with Deerfield Management Company LP. The company, which makes computer-assisted diagnosis software for radiologists, said the financing would help fund its growth and expansion, as it prepares to roll out new radiation therapy technology.

Under the terms of the five-year deal, Nashua, N.H-based iCad will issue a $15 million principal amount senior secured 5.75 percent note, as well as warrants to buy more than 2 million shares of iCad Common Stock, plus 500,000 more if the agreement is extended, the company said in a press release.

A year ago this December, iCad bought Xoft, which makes the Axxent eBx electronic brachytherapy system, for around $13 million.

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