NASHUA, N.H., June 13, 2019 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, announced today the pricing of its previously announced underwritten registered public offering of 1,636,364 shares of its common stock at a price to the public of $5.50 per share, for gross proceeds of approximately $9.0 million. In addition, iCAD has granted the underwriter a 30-day option to purchase up to 245,454 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about June 17, 2019, subject to the satisfaction of customary closing conditions.

After deducting the underwriter’s discount and other estimated offering expenses payable by iCAD, the net proceeds are expected to be approximately $8.3 million. These amounts assume no exercise of the underwriter’s over-allotment option. The Company intends to use the net proceeds of the offering for working capital and other general corporate purposes.

Craig-Hallum Capital Group is acting as sole managing underwriter for the offering.

A registration statement on Form S-3 (File No. 333-228514) relating to the shares of common stock of iCAD being offered in the offering was declared effective by the Securities and Exchange Commission (the “SEC”) on December 4, 2018. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC and may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or by contacting Craig-Hallum Capital Group LLC at 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, Attention Equity Capital Markets, by telephone at 612-334-6300, or by email at prospectus@chlm.com. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an 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.