News

iCAD announces closing of $25.0 million public offering of common stock and full exercise of underwriters’ option to purchase additional shares
March 8, 2021

iCAD announces closing of $25.0 million public offering of common stock and full exercise of underwriters’ option to purchase additional shares

NASHUA, N.H., March 08, 2021 — iCAD, Inc. (the “Company”, NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced the closing on March 5, 2021 of its previously announced underwritten public offering of 1,393,738 shares of common stock at a public offering price of $18.00 per share, which included the exercise in full by the underwriters of their option to purchase up to an additional 171,516 shares of common stock. The Company received total gross proceeds from the offering (before deducting the underwriting discounts and offering expenses) of approximately $25.0 million. The Company intends to use the net proceeds of the offering for working capital and general corporate purposes.

Guggenheim Securities acted as sole book-running manager for the offering. JMP Securities, Craig-Hallum Capital Group, and Lake Street Capital Markets, LLC acted as lead managers for the offering and Laidlaw & Company (UK) Ltd. and Colliers Securities LLC acted as co-managers for the offering.

The securities described above were offered by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-235887) previously filed with the Securities and Exchange Commission (“SEC”) on January 10, 2020, which registration statement was declared effective on January 31, 2020 and an additional registration statement on Form S-3MEF (File No. 333-253808) filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, on March 2, 2021, which registration statement became automatically effective upon filing.

A final prospectus supplement relating to the offering dated March 2, 2021 was filed with the SEC on March 4, 2021 and is available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may also be obtained from Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About iCAD, Inc.

Headquartered in Nashua, NH, iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions.

Forward-Looking Statements

Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For example, when the Company discusses the anticipated use of proceeds from the proposed offering, it is using forward-looking statements. 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, increase sales and acceptance of products, adoption by CMS of a new payment model, and that such model will prove beneficial to the Company, which is not assured, implement expansion plans, the risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, uncertainty of future sales levels, protection of patents and other proprietary rights, the impact of supply and manufacturing constraints or difficulties, product market acceptance, possible technological obsolescence of products, increased competition, to successfully defend itself in litigation matters, government regulation, changes in Medicare or other reimbursement policies, risks relating to the Company’s existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company, the effects of a global pandemic, and other risks detailed in the Company’s filings with the SEC. 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 the Company, please see the disclosure contained in the Company’s public filings with the SEC, available on the Investors section of the Company’s 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 Relations:

Jeremy Feffer, LifeSci Advisors

+ 1-212-915-2568

jeremy@lifesciadvisors.com