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iCAD Announces CFO Transition

December 27, 2018

NASHUA, N.H., Dec. 27, 2018 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD), a global medical technology company providing innovative cancer detection and therapy solutions, today announced that Richard Christopher, Executive Vice President, Chief Financial Officer, is resigning from the Company to pursue another career opportunity, effective January 11, 2019. Mr. Christopher’s resignation is not the result of any dispute or disagreement with iCAD or any matter relating to the Company’s accounting practices or financial statements. iCAD’s Board of Directors has approved the appointment of R. Scott Areglado, Vice President and Corporate Controller, to the position of interim Chief Financial Officer. The Company will conduct an executive search process to identify a successor to Mr. Christopher.

“Scott has served as iCAD’s Corporate Controller for more than seven years, and has previously held the role of interim Chief Financial Officer,” said Michael Klein, Executive Chairman and CEO. “We are highly confident in his ability to oversee our financial operations. Importantly, having just closed a $7.0 million private placement to be utilized primarily to support enhanced commercial activities for our recently FDA cleared ProFound AI for mammography, a high-performance, cancer detection AI technology, iCAD is in a strong financial position.”

Mr. Areglado has served as Vice President and Corporate Controller since May 2011, and previously held the role of interim Chief Financial Officer from September 2016 to November 2016, prior to the appointment of Mr. Christopher in November 2016. From 2005 to 2010, Mr. Areglado served as Vice President and Controller at AMICAS, Inc., a NASDAQ-listed image and information management solutions company serving the healthcare industry, where he led the financial statement preparation and accounting operations for the company, including support for the successful acquisition of the company by Merge Healthcare. Mr. Areglado has more than 25 years of experience in finance and accounting and was a Certified Public Accountant from 1990 to 2007. Mr. Areglado received a Master of Business Administration degree from the Franklin W. Olin Graduate School of Business at Babson College and a Bachelor of Business Administration degree in Accounting from the University of Massachusetts, Amherst.

“On behalf of the iCAD team, I would like to thank Rich for his dedication to the Company as CFO, and wish him success in his future endeavors,” continued Mr. Klein.

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.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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 defend itself in litigation matters, to achieve business and strategic objectives, 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, product market acceptance, possible technological obsolescence of products, increased competition, litigation and/or 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”, “would”, “could”, “consider”, “project”, “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, including the 10-K for the year ended December 31, 2017, 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:

ARPR, on behalf of iCAD, Inc.Paul Barren, +1 (855) 300-8209 paul@arpr.com

Investor Relations:LifeSci AdvisorsJeremy Feffer, +1 (212) 915-2568 jeremy@lifesciadvisors.com

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