Director’s departure hits iCAD

Nashua-based iCAD has notified the Nasdaq stock exchange that it currently does not meet certain of its requirements after one of its directors left the company.

George Farley, a director for the Nashua maker of computer-aided cancer detection systems since 1999, resigned from iCAD’s board on May 23, according to securities filings.

On May 30, iCAD notified Nasdaq that it no longer satisfied the stock market’s provision that a registrant’s board of directors “must be comprised of a majority of independent directors.”

The filings state that iCAD has 180 days after Farley’s resignation to create an independent majority within its board.

The company’s last annual filing in March 2007 to the SEC described Farley as a “financial consultant” to iCAD, who previously served as director and CFO for communications service provider Talk America Inc. as well as held executive positions with BDO Seidman, Preserver Insurance Company Inc. and Acorn Holding Corp.

He also is a director for Ionatron, a Tucson, Ariz.-based defense contractor specializing in laser-guided directed-energy technology. — CINDY KIBBE

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