After signing a strategic partnership, iCAD Inc (Nasdaq: ICAD) dropped -5.26% to $1.80 in pre-market trading hours on Tuesday.
ICAD has ratified which contract?
In order to include Google Health’s artificial intelligence (AI) technology in its portfolio of breast imaging AI products, iCAD Inc. (ICAD) announced a strategic development and commercialization collaboration with Google Health. The companies will collaborate to improve iCAD’s market-leading breast cancer AI solutions for mammography and increase access to the technology for millions of women and providers worldwide.
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This is the first commercial partnership Google Health has entered into to introduce its breast imaging AI into clinical practice. The safe, scalable infrastructure of Google Cloud will also be used by iCAD, reducing the time it takes for its cloud-hosted services to reach the market. In accordance with the binding contract, Google has granted iCAD a license to use its AI breast cancer and tailored risk assessment technologies. The licensed technology will be used by iCAD to enhance its 2D and 3D AI algorithms and to market the created goods.
Collaboration to advance innovation:
The Breast AI Suite from iCAD is an extensive collection of medically tested technologies for breast cancer diagnosis, density measurement, and individual short-term risk assessment. In accordance with the contract, iCAD will certify and incorporate Google Health’s mammography AI technology into its Breast AI Suite with the intention of assisting patients in their battles against cancer. ProFound AI Risk, the only clinical decision support tool in the world that offers an accurate short-term breast cancer risk prediction that is completely tailored for each person, will also use Google Health’s mammography AI technology.
This is the only commercially available technique that uses information easily available in screening mammography to prospectively identify individuals who are at a high risk of receiving a breast cancer diagnosis before or at their next screening. Instead of a universal age-based screening program, which is the case in many countries, it provides clinicians with crucial information that can help them customize screening regimens for patients based on their personal risk.
What other plans has ICAD been working on?
In addition to licensing Google Health’s mammography AI technology, iCAD Inc. (ICAD) will also start transitioning its delivery approach from an on-premise suite of products to cloud-hosted solutions by utilizing Google Cloud’s secure, scalable infrastructure. The organization may increase access to AI-based tools in underserved areas that are hampered by infrastructure issues by expanding cloud-hosted products into new geographic areas.
