IceCure Enters German Cryoablation Oncology Market; Inks Exclusive Distribution Agreement With MTS Medical Technology
CAESAREA, Israel, April 22, 2020 /PRNewswire/ --IceCure Medical Ltd. (TASE: ICCM), a developer and marketer of minimally invasive cryoablation therapies for women's health and interventional oncology markets, has entered into an exclusive distribution agreement with MTS Medical Technology. The new agreement will accelerate commercialization of its CE-cleared, next generation liquid-nitrogen-based cryoablation system, ProSense® and its consumables, for the treatment of benign and malignant tumors in the fields of breast and interventional oncology, including kidney, bone and lung cancer, in Germany.
MTS Medical Technology is considered one of the leading distributors of medical imaging equipment in Germany, with over 30 years' experience engaged in marketing and distribution. The agreement will comprise MTS Medical's undertaking to purchase a minimum quantity of ProSense® products and consumables to the value of EUR €375,000, paid no later than the end of March 2021. The agreement is valid for an initial period of 18 months, and should minimum quantities be met, could be extended for an additional 3-year period.
The new German territory follows IceCure's recent accelerating global expansion. A first order was secured in Singapore (US$ 153,000), as part of its successful partnership progress with global medical leader, Terumo Corporation, last week. IceCure also received its largest ever order from a hospital in Thailand (US $554,000) in early April as well as additional orders in early 2020.
"With many tumor removal surgeries reduced or cancelled, and an anticipated future backlog as a result of the COVID-19 crisis, we are seeing an uplift in demand from healthcare institutions for cost-effective, quick and effective minimally-invasive oncology solutions," said Eyal Shamir, CEO IceCure. "Our ProSense® cryoablation system directly addresses their needs. It particularly reduces the need to have the patient in an operating room (OR) environment and helps lower the risk of infection during surgery for those at-risk patients with underlying health conditions and weakened immune systems. With the largest population in Europe, Germany is a key strategic market for IceCure and we are excited to partner with MTS Medical's experienced team to bring our advanced oncology solution to help more patients."
Icecure and MTS medical's experienced team are prepared for remote installation and clinical training should the Coronavirus outbreak prevent physical installation. The company plans to continue penetration into other markets of strategic importance.
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