American medical technology provider iCAD has agreed to divest its brachytherapy business line, Xoft, to Sweden-based Elekta for around $5.5m and assumed liabilities.
According to iCAD, with immediate effect, Elekta will take over Xoft, with the last payment due no later than 6 November this year.
Through the acquisition, the Swedish brachytherapy solutions provider will gain access to the Xoft Axxent Electronic Brachytherapy (eBx) System.
Elekta will be able to offer electronic brachytherapy technology to give expanded access for the treatment of a variety of cancers.
Xoft’s technology is said to offer specialised cancer care that is customised to meet each patient’s individual requirements.
The Xoft eBx System gives doctors the confidence they need to precisely and successfully treat cancer and provide their patients the chance to live long, healthy lives, iCAD said.
iCAD president and CEO Dana Brown said: “As we’ve disclosed, we have been in the process of exploring strategic options for the Xoft business that would accelerate the accessibility of this technology and provide more focus and synergies to its growth.
“We are pleased that Elekta will be acquiring the Xoft subsidiary including both the technology and team.
“We are confident that the Xoft technology under the leadership of John Lapré and the Elekta team will continue to positively impact the lives of cancer patients and the providers who care for them on a global scale.”
According to the medical technology provider, the adaptable Xoft eBx System makes use of electronic brachytherapy technology to offer more comprehensive treatment options for various malignancies.
The Xoft System makes it possible to treat the disease target with highly targeted therapeutic radiation in minimally shielded setting, while protecting nearby healthy tissue.
The system is licensed in several countries for the treatment of cancer anywhere in the body.
It has also received the US Food and Drug Administration (FDA) clearance and CE marking and has been installed in over 120 sites across 16 countries.
In multiple researches, the Xoft technology has been found to have been effective in treating early-stage breast cancer, non-melanoma skin cancer (NMSC), gynaecological cancers, and brain cancers, iCAD claimed.
