IceCure Continues Global Expansion to Freeze Tumors
New Territory in Singapore with Global Medical Leader, Terumo, Marks Successful Partnership Progress in Executing Milestone Distribution Agreement
CAESAREA, Israel, April 20, 2020 /PRNewswire/ -- IceCure Medical (TASE: ICCM), a developer and marketer of minimally invasive cryoablation therapies for women's health and Interventional oncology markets, announced today the expansion of its distribution territory into Singapore with leading global medical company, Terumo Corporation (Tokyo: 4543, TRUMY:OTC US).
IceCure's first purchase order (US$ 153,000) in Singapore is a step forward in fulfilling its landmark strategic agreement with Terumo, where the company previously received a US $3 million order from Japan in September 2019. The Singapore purchase order comes hot on the back of IceCure's largest ever order of US $554,000 received in early April from a hospital in Thailand, as well as additional orders received in early 2020.
"We are proud to see the execution of our milestone agreement with Terumo progressing well with our first order in Singapore, where we have regulatory approval," said Eyal Shamir, CEO of IceCure. "Our accelerating territory expansion is further proof of both the international recognition for our cryoablation solution, and the growing need for minimally-invasive, simple and effective procedures that reduce the risk of infection during tumor removal surgery, particularly important in light of the Coronavirus outbreak."
Icecure's experienced team are ready and prepared to deliver remote installation and clinical training to Terumo representatives should the Coronavirus outbreak prevent physical installation.
The company holds a strategic agreement with Terumo valued at $13.2 million in total commitments. This new order from Singapore is in addition to the total minimum committed from this agreement.
IceCure is continuing marketing efforts to bring its next generation liquid-nitrogen cryoablation technology to further territories, while in parallel is working to obtain regulatory approvals and extend tumor treatment indications into additional organs.
About IceCure Medical
Founded in 2006, IceCure Medical (TASE: ICCM) is an Israeli medical device company that develops and markets an advanced liquid-nitrogen-based cryoablation therapy for women's health and the interventional oncology market, with the primary focus areas being breast, kidney and lung cancer. Its technology is a safe, effective, non-invasive alternative to surgical tumor removal that is easily performed in a short procedure. The system has US FDA 510k and CE Mark clearance and is sold worldwide. The company has a wholly-owned subsidiary in the United States, IceCure Medical Inc., with offices in New Jersey. To learn more, please visit: www.icecure-medical.com.
SOURCE IceCure Medical
Company Codes: OTC-PINK:ICUSF, TelAviv:ICCM, OtherOTC:ICUSF