iCAD and Solis Mammography Ink Deal to Collaborate on Use of AI to Evaluate Risk of Cardiovascular Disease

Multi-year strategic research and commercial collaboration agreement aims to significantly impact preventative care and underscores Company’s commitment to women’s health

NASHUA, N.H., Oct. 11, 2022 (GLOBE NEWSWIRE) — iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced a new development and commercial collaboration agreement with Solis Mammography, the largest independent provider of breast screening and diagnostic services in the U.S. This collaboration will focus on using mammography to define cardiovascular risk, a new application that could identify millions of women at risk for heart disease using data obtained from their mammogram. As such, this project will result in a powerful AI solution that will quantify the presence of breast arterial calcifications in a mammogram to assess the risk of cardiovascular disease (CVD).

“With heart disease being the number one killer among women in the U.S.,ⁱ this collaboration marks the initiation of a historical milestone for iCAD that will not only offer the potential to address a significant unmet need in patient care but also to penetrate a sizeable new market,” said Stacey Stevens, President and CEO of iCAD, Inc. “iCAD and Solis Mammography are aligned in our mutual goal to improve women’s health, and this initiative will further expand our purpose and mission, extending our ability to positively impact women’s lives into other areas outside of cancer detection and treatment.”

The new agreement will build upon the ability of iCAD’s flagship artificial intelligence (AI) solution for breast imaging, ProFound AI®, to both detect and quantify calcifications within the arteries of the breast. Moreover, the model will seek to provide radiologists with an evidence-based risk product that could help shape the trajectory of their patients’ lives and improve their cardiovascular health. ProFound AI is a high-performing breast cancer-detection and workflow solution that is already in the marketplace and implemented throughout a growing number of leading imaging facilities worldwide, including Solis Mammography centers. Trained on one of the largest available datasets, ProFound AI was the first breast AI technology for digital breast tomosynthesis (DBT), or 3D mammography, to be FDA cleared.

Breast arterial calcifications (BACs) are frequently observed on screening mammography images and were traditionally overlooked as an incidental benign finding. Emerging research suggests, however, that the amount of calcium in the arteries of the breast may correlate with an increased risk of CVD.^ii,iiiiv One recent study suggests women with BACs are 23 percent more likely to develop CVD, and are at a 51 percent higher risk for heart disease and stroke than women whose mammograms did not show BACs.ⁱⁱⁱ

“Our goal at Solis Mammography is to advance the health of women through early detection. Heart disease is often underdiagnosed in women and appropriate interventions are not initiated when they can be most effective. Given that approximately 40 million women are screened each year with mammography in the U.S. alone,^v the evaluation of BAC offers a simple, but accurate method to identify women at high risk of CVD,” said Chirag Parghi, MD, Chief Medical Officer at Solis Mammography. “We look forward to working closely with iCAD to develop a solution that can unlock additional applications of the AI model in traditional mammography to learn about risk factors that were previously ignored. As a leader in breast imaging, it is our obligation to offer every possible bit of information from the mammogram to our patients to help them advance their health. We are pleased to partner with iCAD to help use today’s mammogram to find tomorrow’s heart disease.”

This partnership expands the companies’ relationship, as Solis Mammography adopted iCAD’s Breast AI Suite across its entire network in 2020. With more than 100 locations in the U.S. and over one million women served each year, Solis Mammography will provide clinical support for the BAC risk model. The company will also assist in developing appropriate pathways for patients in order to maximize the clinical value of the technology and accelerate adoption.

“When it comes to addressing this critical need, we know that the best path forward is partnering with leading clinical providers, as they understand the clinical pathways to apply it in daily practice and the steps necessary to drive adoption in the market,” Stevens added. “iCAD and Solis Mammography have worked closely together over the last two years in the fight against breast cancer through the application of our Breast AI Suite, and we look forward to working with their exceptional team to expand on our shared mission and take on one of the greatest threats to women’s health.”

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 Solis Mammography

Solis Mammography is a specialized healthcare provider that has been dedicated to helping women achieve and maintain breast health and peace of mind for more than 35 years. Headquartered in Addison, Texas, Solis Mammography operates more than 100 centers in 13 major markets, including Dallas-Fort Worth, Houston, Denver, Phoenix, Chicago, Philadelphia, Columbus, Cincinnati, Nashville, Greensboro, Miami, Fort Lauderdale, and, through its affiliated brands Washington Radiology and Progressive Radiology, Washington, D.C., Maryland, and Virginia. The company operates both wholly owned centers and multiple successful joint venture partnerships with large hospital systems and prominent medical and academic institutions.

Forward-Looking Statements
Certain 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 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
+1-201-423-4492
jburns@icadmed.com 
  
Investor Inquiries:
iCAD Investor Relations
ir@icadmed.com 

^{_________________________________
i} Centers for Disease Control and Prevention. Women and Heart Disease. https://www.cdc.gov/heartdisease/women.htm
ⁱⁱ Ibarren C. et al. Breast Arterial Calcification: a Novel Cardiovascular Risk Enhancer Among Postmenopausal Women. Circulation: Cardiovascular Imaging. 2022;15. https://doi.org/10.1161/CIRCIMAGING.121.013526
ⁱⁱⁱ Polonsky TS, Greenland P. Breast Arterial Calcification. Circulation. 2017;135:499–501. https://www.ahajournals.org/doi/10.1161/CIRCULATIONAHA.116.025277
^iv Cameron NA, Khan SS. Leveraging Mammography as a Unique Opportunity for Cardiovascular Health Promotion. Circulation: Cardiovascular Imaging. 2022;15. https://doi.org/10.1161/CIRCIMAGING.122.013977
^v U.S. Food and Drug Administration. MQSA National Statistics. https://www.fda.gov/radiation-emitting-products/mqsa-insights/mqsa-national-statistics