iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader
providing innovative cancer detection and therapy solutions, today
announced it signed an amendment to its development and
commercialization agreement with Google Health, which will enable
iCAD to integrate Google’s AI technology with its ProFound Breast
Health Suite for 2D Mammography for use worldwide upon regulatory
approval as an independent reader for breast cancer screening for
20 years.
“The conventional double-reading workflow utilized by most
countries, where mammograms are assessed by two separate
radiologists, has become increasingly challenging due to the
scarcity of radiologists worldwide. As the global radiologist
shortage continues to impact patient care, healthcare organizations
are seeking clinically-proven solutions to help their radiology
departments run more efficiently and adeptly handle the workload in
front of them. By leveraging the remarkable capabilities of
ProFound Detection, iCAD seeks to provide a viable alternative to
the current double-reading workflow,” said Dana Brown, President
and CEO of iCAD, Inc.
ProFound Detection is a high-performance, deep learning cancer
detection solution that is clinically proven to improve detection
and workflow efficiency for radiologists reading mammography.
Available for both 2D and 3D mammography, it rapidly and accurately
analyzes each mammography image, and alerts radiologists of
suspicious areas that may warrant a closer look. A growing body of
evidence confirms ProFound Detection improves accuracy and
efficiency for radiologists, empowering them to find more cancers
while reducing the rate of false positives and unnecessary
recalls.i,ii
iCAD signed a strategic development and commercialization
agreement with Google Health in November 2022 to integrate Google’s
AI technology into iCAD’s leading-edge portfolio of breast imaging
AI solutions, including ProFound Detection.
“Combining Google’s artificial intelligence (AI) technology with
our leading-edge ProFound Breast Health Suite of AI solutions will
enhance our technology and expand access to the technology to
millions of women and providers worldwide,” added Ms. Brown.
“Furthermore, Google has already been exploring the use of its
technology as an independent reader, with extremely promising
results.”
In an independent study of six radiologists, Google’s
mammography AI system outperformed all of the human readers, with
an area under the receiver operating characteristic curve (AUC-ROC)
that was greater than the AUC-ROC for the average radiologist by an
absolute margin of 11.5%. Researchers also ran a simulation in
which Google’s AI system participated in the double-reading process
used in the UK and found the AI system maintained non-inferior
performance and reduced the workload of the second reader by
88%.iii
“Technology can and should play a fundamental role in
democratizing access to high-quality healthcare. But one company
can’t make this a reality alone,” said Greg Corrado, Ph.D., Head of
Health AI, Google. “iCAD is a proven leader in the breast cancer
domain, and through this collaboration we hope to not only
alleviate the increasing burdens on radiologists worldwide, but
also reduce disparities in healthcare across the globe.”
“At iCAD, we believe where one lives should not determine
whether one lives. As part of our agreement with Google, and to
demonstrate our commitment to enhancing patient outcomes worldwide,
iCAD will provide a portion of its breast cancer screening for
underserved individuals in certain countries at no cost,” added Ms.
Brown. “With thousands of installations worldwide, our Breast AI
solutions are already the most widely used technologies of their
kind. Our solutions level the playing field and provide a more
holistic view of each woman’s present and future, optimizing every
patient’s opportunity to find cancers earlier and live better
lives.”
About iCAD, Inc.Headquartered in Nashua, NH,
iCAD® is a global medical technology leader providing innovative
cancer detection and therapy solutions. For more information, visit
www.icadmed.com.
About Google HealthGoogle Health is our
company-wide effort to help billions of people be healthier. We
work toward this vision by meeting people in their everyday moments
and empowering them to stay healthy and partnering with care teams
and the public health community to provide more accurate,
accessible, and equitable care. Our teams are applying our
expertise and technology to improve health outcomes globally – with
high-quality information and tools to help people manage their
health and wellbeing, solutions to transform care delivery,
research to catalyze the use of artificial intelligence for the
screening and diagnosis of disease, and data and insights to the
public health community. https://health.google/
Forward-Looking StatementsCertain statements
contained in this News Release constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements about the expansion of
access to the Company’s products, improvement of performance,
acceleration of adoption, expected benefits of ProFound AI®, the
benefits of the Company’s products, and future prospects for the
Company’s technology platforms and products. Such forward-looking
statements involve a number of known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of the Company to be materially
different from any future results, performance, or achievements
expressed or implied by such forward-looking statements. Such
factors include, but are not limited, to the Company’s ability to
achieve business and strategic objectives, the willingness of
patients to undergo mammography screening in light of risks of
potential exposure to Covid-19, whether mammography screening will
be treated as an essential procedure, whether ProFound AI will
improve reading efficiency, improve specificity and sensitivity,
reduce false positives and otherwise prove to be more beneficial
for patients and clinicians, the impact of supply and manufacturing
constraints or difficulties on our ability to fulfill our orders,
uncertainty of future sales levels, to defend itself in litigation
matters, protection of patents and other proprietary rights,
product market acceptance, possible technological obsolescence of
products, increased competition, government regulation, changes in
Medicare or other reimbursement policies, risks relating to our
existing and future debt obligations, competitive factors, the
effects of a decline in the economy or markets served by the
Company; and other risks detailed in the Company’s filings with the
Securities and Exchange Commission. The words “believe,”
“demonstrate,” “intend,” “expect,” “estimate,” “will,” “continue,”
“anticipate,” “likely,” “seek,” and similar expressions identify
forward-looking statements. Readers are cautioned not to place
undue reliance on those forward-looking statements, which speak
only as of the date the statement was made. The Company is under no
obligation to provide any updates to any information contained in
this release. For additional disclosure regarding these and other
risks faced by iCAD, please see the disclosure contained in our
public filings with the Securities and Exchange Commission,
available on the Investors section of our website at
http://www.icadmed.com and on the SEC’s website at
http://www.sec.gov.
Contact:
Media Inquiries:Jessica Burns, iCAD
+1-201-423-4492jburns@icadmed.com
Investor Inquiries:iCAD Investor Relationsir@icadmed.com
_____________________________i Graewingholt A, Rossi PG. (2021).
Retrospective analysis of the effect on interval cancer rate of
adding an artificial intelligence algorithm to the reading process
for two-dimensional full-field digital mammography. J Med Screen.
0(0) 1-3.ii Conant, E et al. (2019). Improving Accuracy and
Efficiency with Concurrent Use of Artificial Intelligence for
Digital Breast Tomosynthesis. Radiology: Artificial Intelligence. 1
(4). Accessed via
https://pubs.rsna.org/doi/10.1148/ryai.2019180096iii McKinney,
S.M., Sieniek, M., Godbole, V. et al. International evaluation of
an AI system for breast cancer screening. Nature 577, 89–94 (2020).
https://doi.org/10.1038/s41586-019-1799-6
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