iCAD completes merger with CADx Systems, Qualia Computing

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iCAD Inc., CADx Systems Inc. and CADx's parent company, Qualia Computing Inc., closed out 2003 by becoming one and completing their proposed merger.

The computer-aided detection (CAD) technologies firms closed on the transaction on Dec. 31, 2003, just 30 days after announcing their merger plans at RSNA 2003.

On the business side of the deal, iCAD issued 4.3 million shares of common stock in exchange for all Qualia Computing and CADx Systems outstanding shares. iCAD also paid $1.55 million in cash and executed a 36-month secured promissory note for $4.5 million to purchase Qualia shares that were owned by two institutional investors.

W. Scott Parr will continue as iCAD's president and CEO, and Robert Howard, one of iCAD's founders, will continue as chairman of the company's board of directors. Dr. Steven Rogers, the former CEO of CADx and Qualia, has been named chief scientific officer of iCAD and has been elected to the company's board of directors.

iCAD's common stock will continue to trade on NASDAQ under the symbol ICAD.