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 News Release - September 11, 2006

iCAD Announces the Appointment of Darlene Deptula-Hicks as Chief Financial Officer

NASHUA, N.H., Sept. 11 (HSMN NewsFeed) -- iCAD, Inc. (Nasdaq: ICAD ), an industry-leading provider of Computer-Aided Detection (CAD) solutions for the early identification of cancer, today announced that Darlene M. Deptula-Hicks has joined the Company's senior management team as Executive Vice President of Finance and Chief Financial Officer. Ms. Deptula-Hicks has over 25 years experience in financial management positions in the medical device and high technology sectors.

"Over the last several months, we have been building a new management team at iCAD and we are pleased to welcome Darlene Deptula-Hicks as the newest addition to this experienced and dynamic group of executives," said Ken Ferry, Chief Executive Officer of iCAD, Inc. "Darlene's strong business and commercial orientation and proven track record combined with her depth of experience in raising capital, creating investor value, operations management, mergers and acquisitions and strategic planning, will play a key role in iCAD's strategic plans for growth."

"I am excited to join iCAD and this new management team and to participate significantly in the execution of the Company's global growth strategy in this large and growing marketplace for the early detection of cancer," said Darlene Deptula-Hicks.

Most recently, Ms. Deptula-Hicks served as Executive Vice President and Chief Financial Officer and Treasurer of ONI Medical Systems, Inc., a venture capital-backed designer and manufacturer of high-field diagnostic imaging systems. Previous to ONI Medical Systems, Inc., Ms. Deptula-Hicks was Executive Vice President and Chief Financial Officer and Treasurer of Implant Sciences Corporation, an early stage medical device company that had its initial public offering in June of 1999. Ms. Deptula-Hicks led the pre-IPO and post-IPO activities for the company. Ms. Deptula-Hicks has also held various senior financial and accounting positions at Abiomed, Incorporated; GCA Corporation; Edwards High Vacuum International and Puritan Bennett Corporation.

Ms. Deptula-Hicks also currently serves on the Board of Directors and as Chair of the Audit Committees of Technest Holding, Inc., a public defense and homeland security company and IMCOR Pharmaceutical Company, a public biotech company. She received her B.S. degree in Accounting from New Hampshire College and her MBA degree from Rivier College.

In connection with her appointment as Executive Vice President of Finance and Chief Financial Officer, and as an inducement to her joining iCAD, Ms. Deptula-Hicks was granted Non-Qualified Stock Options (the "Inducement Options" or "Options") to purchase 275,000 shares of the Company's common stock, par value $0.01 per share (the "Shares"), with an exercise price equal to $ 1.80, the closing sale price of the Shares on September 8, 2006. The Inducement Options become exercisable as to (i) 55,000 Shares on September 11, 2006, (ii) an additional 55,000 Shares on March 31, 2007; (iii) an additional 55,000 Shares on September 11, 2007; (iv) an additional 55,000 Shares on September 11, 2008 and (v) an additional 55,000 Shares on September 11, 2009. Vesting of the Options accelerates as to the 55,000 Shares to which this Option becomes exercisable at the latest date (to the extent any such Shares remain unvested at the time), upon the closing sale price of the Company's common stock for a period of twenty (20) consecutive trading days exceeding (i) 200% of the exercise price of the per share of the Option; (ii) 300% of the exercise price per share of the Option or (iv) 400% of the exercise price per share of the Option. The Options expire on September 11, 2011, subject to earlier expiration under certain conditions. The Inducement Options were granted outside of the terms of any existing iCAD equity incentive plan and without shareholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv).

About iCAD, Inc.

iCAD, Inc. is an industry-leading provider of Computer-Aided Detection (CAD) solutions that enable healthcare professionals to identify cancer and other life-threatening conditions earlier by making medical services more effective, more accessible and more affordable for patients worldwide. Recipient of Frost & Sullivan's Growth Strategy Leadership award, iCAD offers a comprehensive range of high-performance, upgradeable CAD systems for the high, mid and low volume mammography markets. As the most frequently selected CAD solution for film-based and digital breast screening, iCAD is entrusted with the task of early cancer detection by over eleven hundred women's healthcare centers worldwide. For more information, call +1 877 iCADnow or visit http://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 risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, product market acceptance, possible technological obsolescence, increased competition, customer concentration and other risks detailed in the Company's filings with the Securities and Exchange Commission. The words "believe", "demonstrate", "intend", "expect", "estimate", "anticipate", "likely", 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.


Source: iCAD

Issuer of this News Release is solely responsible for its content.
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