iCad today announced it sold its Xoft Brachytherapy business line to Elekta for approximately $5.5 million.
Elekta is taking over the business, effective immediately, and will make final payments to iCad no later than November 6, 2023. As part of the deal, Elekta will assume all liabilities, and employees will transfer with the business. The transaction is expected to be completed during the second quarter of Elekta’s 2023/24 fiscal year.
“Bringing Xoft’s technology into our portfolio offers exciting prospects to grow the adoption of brachytherapy and provide greater access to patients eligible for this treatment,” Elekta President of Brachy and Neuro Solutions John Lapré said. “We will be able to provide a wider range of radiation therapy options that are tailored to the specific needs and preferences of the clinics we support, while helping to reduce their operational costs – since no extensive shielding is needed – and minimize their logistical challenges such as importing radioactive material.”
Included in the sale is Xoft’s Axxent Electronic Brachytherapy (eBx) System, which provides targeted cancer care expertly tailored to meet patients’ personalized needs. It uses a miniaturized, low-energy X-ray source instead of a radioactive isotope in a variety of clinical settings.
“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 the technology and team,” iCad President and CEO Dana Brown said in a news release. “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.”
The eBx system uses electronic brachytherapy technology to expand treatment options for certain forms of cancer. With the Xoft system, clinicians can administer highly focused therapeutic radiation of the disease target in a minimally shielded setting while sparing surrounding healthy tissue.
Xoft’s system is FDA cleared and CE marked, and installed in more than 120 sites in 16 countries, as well as licensed in a growing number of countries for treating cancer within the body. It is supported by a growing body of evidence for the treatment of early-stage breast cancer, non-melanoma skin cancer, gynecological cancers and brain cancers, according to the company. It is being used in emerging applications such as colorectal, prostate and pancreatic cancers.