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Google Health AI and Cloud technology will be integrated into iCAD’s portfolio with the potential to improve performance and expand access to millions of women worldwide
The deal marks Google Health’s first partnership with a mammography AI vendor
NASHUA, NH, November 28, 2022 (GLOBE NEWSWIRE) – iCAD, Inc. (NASDAQ: ICAD ), a global medical technology leader providing innovative solutions for cancer detection and therapy, today announced a strategic development and commercialization agreement with Google Health to integrate its artificial intelligence (AI) technology into iCAD a portfolio of AI solutions for breast imaging. Marking the first commercial partnership that Google Health has formed to bring its artificial intelligence for breast imaging into clinical practice, the companies will work together to enhance iCAD’s market-leading breast cancer artificial intelligence solutions for mammography and expand access to the technology to millions of women and providers worldwide Saint. . iCAD will also use Google Cloud secure, scalable infrastructure, which accelerates the time to market of iCAD’s cloud offerings.
Under the definitive agreement, Google licensed its AI technology for breast cancer and personalized risk assessment to iCAD. iCAD will apply the licensed technology to further improve its 3D and 2D AI algorithms and commercialize the developed products.
“Joining forces with Google marks a historic milestone for our company, as leveraging Google’s world-class AI and Cloud technology elevates the caliber of our leading breast AI technologies and can also accelerate adoption and expand access globally,” Stacey said. Stevens, president and CEO of iCAD, Inc. “iCAD and Google Health are united in our dedicated missions to advance innovation, improve patient care and optimize outcomes for all.” By combining the strength of our technologies and teams, we are strengthening our fight against breast cancer and positively impacting the lives of women and their loved ones around the world.”
“Google Health is our cross-company initiative to use technology to help everyone, everywhere be healthier – and collaboration with leading companies like iCAD is a key part of this strategy,” said Dr. Greg Corrado, Head of Health AI, Google. “Google Health’s artificial intelligence technology could be used to make healthcare more accessible, affordable and accurate.” But implementing such changes will only be possible if we work closely with forward-looking partners, with a deep tradition of pioneering innovation and market experience, and with the ability to bring innovation into real workflows. The entire ecosystem needs to work together to advance healthcare solutions that truly better serve patients, physicians and healthcare systems. Google Health working with iCAD is a great example of two organizations coming together to leverage our shared strengths, technological capabilities and resources to improve breast cancer screening worldwide, with the ultimate goal of improving health outcomes for individuals and communities.”
Advancing innovation through collaboration
iCAD’s Breast AI Suite is a comprehensive portfolio of clinically proven technologies for breast cancer detection, density estimation and personalized short-term risk assessment. Under the agreement, iCAD will validate and integrate Google Health’s mammography artificial intelligence technology into its Breast AI Suite, with the goal of supporting cancer patient journeys.
“And if 3D mammography is growing in adoption worldwide, in many countries 2D mammography remains widespread for breast cancer screening. Many European countries require a double reading for mammography, but the global shortage of mammography makes this especially challenging in many cases,” said Axel Grevingholt, MD, radiologist at Radiologie Am Theater in Paderborn, Germany. “A growing body of research shows ProFound AI.”® can play a significant role in empowering clinicians to overcome these challenges, and iCAD’s commitment to the continued advancement of this technology provides clinicians with critical tools that can lead to improved outcomes for all.”
iCAD also plans to incorporate Google Health’s mammography AI technology into ProFound AI Risk, the world’s first clinical decision support tool that provides accurate short-term breast cancer risk assessment that is truly personalized for each individual. This is the only commercially available technology that can prospectively identify people who are at high risk of a breast cancer diagnosis before or at their next screening, using information readily available in a screening mammogram. It offers clinicians critical information that can help them tailor screening regimens for patients, based on their individual risk, rather than a one-size-fits-all screening program, which is the case in many countries.
“iCAD’s breast AI technologies are revolutionizing breast cancer screening by making it more accurate, efficient and personalized.” With the addition of Google Health technology, we are positioned to improve the performance of our algorithms for both 2D and 3D mammography, which will further strengthen our market leadership position and drive worldwide adoption,” Ms. Stevens added. “This partnership will allow us to leverage the strengths, technological capabilities and resources of Google Health as a global leader in artificial intelligence.” By joining forces with Google Health, we provide a path to further elevate our portfolio and deliver it globally.”
Expanding access through cloud-based offerings
In addition to licensing Google Health’s mammography AI technology, iCAD will also use it Google Cloud secure, scalable infrastructure to begin the transformation of its delivery model from an on-premises set of solutions to cloud-based solutions. The ability to expand cloud-hosted solutions into new regions can help the company increase access to AI-based tools in underserved regions that are limited by infrastructure challenges.
Google Cloud currently supports a wide range of healthcare systems and workflows, with the goal of enabling safe, continuous patient care, empowering healthcare professionals with collaboration and productivity tools, and making better clinical and operational decisions based on data analysis and insights. By integrating with Google Cloud, iCAD users will be able to more seamlessly deploy and scale iCAD solutions, offering unparalleled interoperability and the potential to expand access globally.
“With customers in more than 200 countries and territories around the world, Google Cloud is widely used across a range of industries, and is particularly well optimized for the delivery of AI imaging in healthcare.” This partnership will enhance our ability to expand our addressable market and accelerate the commercialization of our own cloud offering,” said Ms. Stevens. under increasing pressure to reduce costs while delivering higher quality care, emphasizing the need to streamline operations and increase productivity clinicians. Integrating Google’s Cloud technology into this more flexible delivery model offers facilities the solution they need and the technology patients deserve.”
About iCAD, Inc.
Headquartered in Nashua, NH, iCAD® is a global medical technology leader providing innovative solutions for cancer detection and therapy. For more information, visit www.icadmed.com.
About Google Health
Google Health is our company-wide effort to help billions of people be healthier. We work towards this vision by meeting people in their everyday moments and empowering them to stay healthy and collaborating with care teams and the public health community to deliver more accurate, accessible and equitable care. Our teams apply our expertise and technology to improve health outcomes globally – with high-quality information and tools to help people manage their health and well-being, solutions to transform care delivery, research to catalyze the use of artificial intelligence for disease screening and diagnosis, and data and insights into the public health community. https://health.google/
Forward-looking statements
Certain statements contained in this Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about expanding access to the Company’s products, improving performance, accelerating adoption, the expected benefits of ProFound AI®, the company’s product strengths and the future outlook for the company’s technology platforms and products. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements to differ materially 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 goals, the willingness of patients to undergo mammography screening in light of the risk of potential exposure to Covid-19, whether mammography screening will be treated as an essential procedure. , whether ProFound AI will improve read efficiency, improve specificity and sensitivity, reduce false positives and otherwise demonstrate that it will be more useful to patients and clinicians, the impact of supply and manufacturing constraints or difficulties on our ability to fill our orders, uncertainties future sales levels, to defend against disputes, protection of patents and other proprietary rights, product market acceptance, possible technological obsolescence of products, increased competition, government regulations, changes in Medicare or other reimbursement policies, risks related to our existing and future liabilities debt, competitive factors, the effects of downturns and 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 such forward-looking statements, which speak only as of the date on which the statement is made. The Company is under no obligation to provide updates to any information contained in this release. For additional disclosures regarding these and other risks facing iCAD, please see the disclosures contained in our public filings with the Securities and Exchange Commission, available in the Investors section of our website at http://www.icadmed.com and at SEC website at http://www.sec.gov.
Contact:
Media Questions:
Jessica Burns, iCAD
+1-201-423-4492
jburns@icadmed.com
Investor questions:
iCAD Investor Relations
ir@icadmed.com
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