iCad closes sale of VersaVue, DynaCAD to Philips Invivo

iCad (NSDQ:ICAD) said today it closed its sale of its VersaVue software and DynaCAD breast and prostate imaging devices to Royal Philips‘ (NYSE:PHG) Invivo unit for $3.2 million.

Nashua, N.H.-based iCad said the deal includes a holdback reserve of $350,000.

With the close of the deal, Philips Invivo will have all right, title and interest to intellectual property relating to the 2 products, according to an SEC filing. The deal also eliminated an earlier established licensing agreement of the 2 products to Gainesville, Fla.-based InVivo, which Philips acquired in 2007.

The deal was announced last Decemer, and iCad said that both parties aim to ink software cross-license and transition services agreements when the deal closes.

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