Israeli cancer treatment company IceCure Medical Ltd. (TASE: ICCM) has expanded its Asian distribution with Japan's Terumo Corp. to $20 million. Terumo will also operate exclusively in Thailand to distribute IceCure products worth $7.2 million over six years.
Founded in 2006, IceCure Medical, develops and markets an advanced liquid-nitrogen-based cryoablation therapy for the treatment of tumors (benign and cancerous) by freezing, with the primary focus areas being breast, kidney and lung cancer. Its minimally-invasive technology is a safe and effective alternative to hospital surgical tumor removal that is easily performed in a relatively short procedure. The system is marketed and sold worldwide, after receiving FDA and CE approvals, and has been approved by the Thai government for marketing of the ProSense cryoablation system and related consumables for the destruction of benign and malignant tumors in the breast, lung, kidney, bone and additional indications.
The new multi-million-dollar agreement, which is expected to be finalized by the end of the year, will grant Terumo exclusive rights to distribute IceCure’s products in Thailand for six years, with an option to extend the agreement for an additional six years. The expanded partnership reflects the ongoing success of the initial agreement, which was signed in September 2019, and included distribution rights in Japan and Singapore.
IceCure CEO Eyal Shamir said, "Thailand, along with Japan and Singapore, are key geographies for IceCure in Southeast Asia, and with approximately 170,000 new cases of cancer every year, we believe patients will greatly benefit from IceCure’s ProSense cryoablation system. The extension of our existing strategic collaboration with Terumo demonstrates its confidence in our technology and lays the foundation for continued global expansion as we seek to rapidly bring our minimally-invasive cryoablation treatment to help patients worldwide. This achievement is a continuation of our business strategy to collaborate with strategic distributors in order to accelerate commercialization of technology to offer healthcare facilities with alternative oncology solutions. Moreover, our ProSenseTM minimally invasive system eliminates the need to have the patient in the operating room, a significant advantage in today’s healthcare environment as medical facilities are managing the Covid-19 pandemic to reduce risks of infectious pathogens and freeing up medical resources".
Icecure recently reported that it tripled its revenue in the first half of 2020 compared to the same period last year. The company's backlog stands at about NIS 9 million.
Published by Globes, Israel business news - en.globes.co.il - on October 1, 2020
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