icad, Inc. broadens its focus
ICad Inc. (ICAD) has agreed to acquire fellow cancer-device maker Xoft Inc. in a cash-and-stock deal valuing the target at about $13.1 million, broadening its focus from diagnostic products into the treatment arena.
Xoft's Axxent system delivers radiation therapy directly to cancer sites with minimal radiation exposure to surrounding healthy tissue, according to the company. It is approved in the U.S. for early-stage breast cancer, endometrial cancer and skin cancer, as well as other varieties where radiation therapy is indicated.
Investors seem to be in favor of the deal as the stock is trading about 8% higher on the news.
(Disclaimer: I own a few shares of ICAD in my real life portfolio)