Private placement sends IceCure soaring

Eyal Shamir / Photo: IceCure

The Israeli medical device company plans a dual listing on Nasdaq.

Israeli medical device company IceCure Medical Ltd. (TASE: ICCM), which has developed cryoablation technology to destroy tumors by freezing without the need for surgery, announced a private placement of ordinary shares of $15 million today at a price per share of NIS 0.533. The investors are European investment fund Alpha Capital Anstalt, hedge funds Clover Wolf and Clover Alpha, and the controlling shareholder of the company. The company says that it now plans to list its ordinary shares on Nasdaq.

In response to the announcement, shares in IceCure rose 31.62% on the Tel Aviv Stock Exchange today, bringing the company to a market cap of NIS 144 million.

IceCure Medical CEO Eyal Shamir said, "We believe a dual listing on the TASE and Nasdaq will increase our visibility with the broader investment community and expand our investor base. We look forward to completing our Nasdaq listing during the second quarter of 2021. Alongside this fundraising being a vote of confidence by our controlling shareholder and new investors in IceCure’s technology and leadership capabilities, it will be pivotal to deliver our business plan and strategy for accelerated global expansion of the ProSense cryoablation system.

"Despite the challenges we have faced in the past year following the Covid-19 pandemic, we have made significant progress on all fronts. Commercially, we have received regulatory approvals and signed distribution agreements in various territories, including an expanded strategic distribution agreement with Terumo, traded in Tokyo with a market value of about $30 billion. The company’s sales grew significantly in 2020, generating 2.4 times more sales than in 2019. We expect to sign additional agreements in the future."

Published by Globes, Israel business news - en.globes.co.il - on January 28, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Eyal Shamir / Photo: IceCure
Eyal Shamir / Photo: IceCure
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