Nashua-based iCAD gets FDA OK for new cancer treatment
NASHUA - iCAD Inc., a Nashua-based company that provides advanced imaging and radiation therapy technologies, has been granted U.S. Food and Drug Administration clearance for a new cervical applicator to help fight some of the most common cancers women face.
With 2012 revenues totaling $28.3 million, the focus of the company, which has 101 employees, is the research and development of detection and treatment technology for some of the most common cancers in the world.
"The addition of the cervical applicator broadens our gynecological product offering to provide treatment for patients with cervical or endometrial cancers," said Ken Ferry, iCAD's CEO.
According to the World Health Organization, cervical cancer is the second most commonly detected cancer in women across the globe, with roughly 500,000 cases diagnosed each year and 250,000 annual deaths.
Peter Espo, vice president of global marketing for iCAD, said, "In the global market, this new product addresses a significant unmet clinical need not previously addressed."
The development of the applicator took two years, with most of the work going into the research and development coming from the company's California sites. However, Espo said the Nashua office provided support.
He added that while the company has no immediate plans to expand due to their new product offering, it is possible that iCAD's "footprint and headcount will expand," as the business grows.
The cervical applicator has been approved to locally treat advanced-stage cervical cancer in combination with the iCAD's Xoft Axxent Electronic Brachytherapy System, delivering prescribed radiation doses to the uterus, cervix, endometrium and vagina with reduced exposure to surrounding tissue.
According to company officials, brachytherapy is an important component in curative management of cervical cancer and can significantly improve patient survival rates.
The Xoft System platform is also used in the treatment of certain types of breast and skin cancer.
Designed to be a mobile, isotope-free alternative to radionuclide-based, high-dose radiation brachytherapy, it is iCAD officials' hope that the new system will help eliminate multiple logistical shortcomings associated with isotope, linear accelerator and external beam X-ray-based radiation systems.
Xoft, which Espo classified as iCAD's therapy business, is based in San Jose and was acquired by iCAD in a multimillion-dollar stock and cash deal in 2010.