IceCure Medical Announces Landmark Strategic Deal with Global Medical Company, Terumo Corporation
CAESAREA, Israel, September 3, 2019 / — IceCure Medical
Ltd. (TASE: ICCM), developer of the next generation cryoablation technology to
treat malignant and benign tumors by freezing without the need for surgery,
announced today an exclusive distribution agreement with leading global medical
company, Terumo Corporation (Tokyo: 4543, TRUMY:OTC US). The new agreement will
accelerate the commercialization of its ProSense™ cryoablation system and associated
consumables to treat malignant breast tumors in Japan and Singapore.
Under the terms of the
agreement, in exchange for granting exclusive distribution rights and obtaining
regulatory approvals for ProSense™ and its consumables, Terumo will
commit up to USD $2 million. This will include a one-time, up-front payment of USD
$1 million to IceCure 30-days after signing the agreement and the remainder in
The agreement also
comprises Terumo’s undertaking to purchase 10 ProSense™ system consoles and
consumables at the time of signing for use in clinical trials to support regulatory
Terumo will also be
responsible for, and incur costs for, obtaining all regulatory approvals and
insurance indemnifications in Japan, with regulatory rights owned by
Terumo. Initial regulatory approval is
anticipated in Japan in a few years.
Eyal Shamir, IceCure’s CEO, stated, “We are excited to
partner with Terumo, a leading global medical company, in this milestone agreement.
With Terumo’s proven medical distribution network and the necessary sales and
marketing expertise, this new partnership will support rapid commercialization
of our cryoablation solution in Japan and Singapore, pending regulatory approval.”
“The ProSense™ system has already demonstrated
excellent progress as a rapid, in-office solution for the treatment of breast
tumors. With its expanding clinical data
as a non-surgical alternative to treat cancer, the innovative ProSense™
system makes an exciting addition to our portfolio to address key unmet needs
and improve patient outcomes”, said Tsuyoshi Tomita, Group Manager, General
Hospital Products Group, Terumo Corporation.
About IceCure Medical
Founded in 2006, Israel-based IceCure Medical (TASE: ICCM),
develops and markets minimally-invasive cryoablation therapies for women’s
health and the interventional oncology market, with the primary focus areas
being breast, kidney and lung cancer.
The Company’s proprietary, flagship ProSense™ liquid-nitrogen based
system, has received US FDA 510k and CE Mark approvals and is safe, innovative
with clinical and economic benefits compared to the current standard of
care. ProSense™ is currently offered in
a number of countries worldwide, including the United States on a limited
basis. To learn more, please visit: www.icecure-medical.com.
About Terumo Corporation
Tokyo-based Terumo Corporation is one of the world’s leading
medical device manufacturers with approximately $6 billion in sales and
operations in more than 160 nations. Founded in 1921, the company develops,
manufactures and distributes world-class medical devices including products for
use in cardiothoracic surgery, interventional procedures and transfusion
medicine; the company also manufactures a broad array of syringe and hypodermic
needle products for hospital and physician office use. Terumo contributes to
society by providing valued products and services to the health care market and
by responding to the needs of health care providers and the people they serve.
Terumo Corporation’s shares are listed on the first section of the Tokyo Stock
Exchange (No. 4543, Reuters symbol <4543.T>, or Bloomberg 4543: JP) and
is a component of the Nikkei 225, Japan’s leading stock index.