iCAD shares rally on FDA approval of AI software product for early detection of breast cancer

iCAD Inc (NASDAQ:ICAD) shares rallied in early trade on Wednesday after the US Food and Drug Administration approved an artificial intelligence software product to be used in the early detection of breast cancer.

The technology can help patients who have dense breast density during screenings. Some 40% to 50% of women in the US have dense breasts, which may see more aggressive tumors and also mask the presence of tumors in mammograms, according to a study published in the Annals of Internal Medicine.

iCAD shares climbed 7.4% to US$3.20, having touched a session high of US$3.26.

“Breast density plays a critical role in both risk assessment and accuracy, as mammography sensitivity is reduced to approximately 48% from an average of 98% in those women with dense breasts,” iCAD chief executive Ken Ferry said in a statement.

The technology, which is based on machine learning, calibrates the breast density of the patient according to the American College of Radiology’s Breast Imaging Reporting and Data System. 

iCAD is based in Nashua, New Hampshire. It is a medical technology firm involved in cancer detection and therapy solutions. 

Contact Rene Pastor at [email protected]

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