IceCure raises NIS 20.7m in TASE offering

IceCure Photo: PR

The offering on the Tel Aviv Stock Exchange by the tumor freezing eradication company was oversubscribed with demand for NIS 24 million.

Israeli non-surgical tumor freezing and eradication company IceCure Medical Ltd. has completed a NIS 20.7 million equity share offering on the Tel Aviv Stock Exchange. The offering, in which the controlling shareholder, executive officeholders, and investors from the public all participated, was oversubscribed with demand of NIS 24 million.

IceCure CEO Eyal Shamir said, ""IceCure’s ProSense cryoablation systems are already helping patients suffering from cancerous and benign tumors on a global scale, with clinical results demonstrating significant success in tumor destruction." concludes Shamir.

The capital raising was supported by Rosario Capital, Yair Capital Offerings and Dinance Ltd., Apax Underwriters and Offerings, offering consultant Yaron Iluz and Naor El-Hai and Advs. Reut Alfiah, Oded Har Even, and Gal Cohen from the Sullivan international law firm.

Ahead of the offering, the company published strong initial results (unaudited and not audited by the company's accountants) for the first half of 2020. Revenue in the first half of 2020 totaled about NIS 6.5 million, three times higher than revenue in the first half of 2019 and 13% higher than total revenue in 2019.

IceCure, based in Caesarea, also published its backlog of orders as of the end of the second quarter, and last Thursday, which stood at NIS 9.7 million and NIS 9.1 million respectively. The backlog of orders reflects, among other things, the many deals and agreements that the company has reported about since the start of the year, including in Thailand, Singapore, Germany, and South Africa.

IceCure markets a non-surgical Liquid Nitrogen (LN2) cryoablation technology to destroy benign and cancerous tumors of the breast, lung, kidney and other organs in a clinic by freezing.

Published by Globes, Israel business news - en.globes.co.il - on August 9, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

IceCure Photo: PR
IceCure Photo: PR
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