Healthcare Industry News: iCAD
News Release - October 24, 2006
iCAD Welcomes Jonathan Go as Senior Vice President of Research and Development
NASHUA, N.H., Oct. 24 (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 Jonathan Go has joined the Company's senior management team as Senior Vice President of Research and Development. Mr. Go has more than 20 years of technical and management experience in the medical industry with expertise in the field of 2D & 3D visualization, PACS storage and workflow, software development and DICOM."Jonathan Go brings extensive experience, enthusiasm and leadership to iCAD at this critical time in our Company's growth," said Ken Ferry, Chief Executive Officer of iCAD, Inc. "Jonathan's proven track record of building effective development teams and customer-focused products will be invaluable as we continue to innovate with our product offerings, expanding into new markets and securing additional technology partnerships."
"I'm delighted to join the iCAD management team of talented individuals. There are some big changes underway which will ultimately impact our customers and provide them with advanced technology that will make a difference in patients' lives. I look forward to contributing to these monumental changes," said Jonathan Go.
Most recently, Mr. Go served as Vice President of Engineering at Merge eMed, a provider of RIS/PACS solutions for imaging centers, specialty practices and hospitals. Mr. Go was responsible for product management, development, testing and systems integration for all of eMed's products. During his nine year tenure, he supervised the development of several new product lines including the industry's first .net based PACS platform, the first NAS based PACS archive and the first web-based image and report distribution product.
Previous to Merge eMed, Mr. Go was Director of Engineering of Cedara Software, a provider of custom engineered software applications and development tools for the medical imaging OEMs. Mr. Go built the workstation program at Cedara. The program developed multiple specialty workstations that have been adopted by a large number of OEM partners. He was also a key member of the initial engineering team that developed Cedara's imaging application platform.
Mr. Go earned a Bachelor of Science in Electrical Engineering from the University of Michigan and a Masters of Science in Electrical and Biomedical Engineering from the University of Toronto.
In connection with his appointment as Sr. Vice President of Research and Development, and as a material inducement to his joining iCAD, Mr. Go will receive Non-Qualified Stock Options (the "Inducement Options" or "Options") to purchase 200,000 shares of the Company's common stock, par value $0.01 per share (the "Shares"), with an exercise price equal to the closing sale price of the Shares on November 3, 2006. The Inducement Options will become exercisable as to (i) 40,000 Shares on the date of grant, (ii) an additional 40,000 Shares on April 23, 2007; (iii) an additional 40,000 Shares on October 23, 2007; (iv) an additional 40,000 Shares on October 23, 2008 and (v) an additional 40,000 Shares on October 23, 2009. Vesting of the Options accelerates as to the 40,000 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 will expire on October 23, 2011, subject to earlier expiration under certain conditions. The Inducement Options are being granted outside of the terms of any existing iCAD equity incentive plan and without stockholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv).
About iCAD, Inc.
iCAD, Inc. (Nasdaq: iCAD ) is an industry-leading provider of Computer-Aided Detection (CAD) solutions that enable healthcare professionals to better serve patients by identifying pathologies and pinpointing cancer earlier. iCAD offers a comprehensive range of high-performance, upgradeable CAD systems for the high, mid and low volume mammography markets. iCAD is entrusted with the task of early cancer detection by almost one thousand 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
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