IceCure Medical Enters into an Exclusive Agreement in Poland for Distribution of the ProSense™ Cryoablation System

Rhea-AI Summary

IceCure Medical (Nasdaq: ICCM) has announced an initial distribution agreement with Mobile SCANMED Systems to exclusively sell its ProSense™ Cryoablation System in Poland. This partnership is expected to pave the way for a long-term agreement within a year. The ProSense system, already CE-marked, provides a minimally invasive solution for cancer treatment, particularly for breast cancer, which saw 24,644 diagnoses in Poland in 2020. An initial purchase order of approximately $100,000 will follow the agreement, enhancing IceCure's presence in the EU market.

Positive

• Initial distribution agreement with Mobile SCANMED Systems expands market reach in Poland.
• ProSense Cryoablation System approved under CE mark, enhancing credibility in the EU.
• Initial purchase order of approximately $100,000 indicates strong demand.

Negative

• None.

CAESAREA, Israel, Oct. 20, 2021 /PRNewswire/ -- IceCure Medical Ltd. (Nasdaq: ICCM) (TASE: ICCM) ("IceCure" or the "Company"), developer of the next generation minimally invasive cryoablation technology that destroys tumors by freezing, today announced that it has entered into an initial distribution agreement with Mobile SCANMED Systems SP. z o.o. ("Mobile SCANMED Systems") to exclusively sell the Company's ProSense™ Cryoablation System and disposables in Poland. Within twelve months of signing the initial distribution agreement, the parties expect to enter into a long-term exclusive distribution agreement.

"We are excited to announce the initial agreement with Mobile SCANMED Systems to distribute our ProSense Cryoablation System in Poland, expanding our reach in the European Union (the "EU"), where our system is currently approved under CE mark. This agreement builds on the distribution network we've established over the past year and is a part of our mission to bring this technology to all geographies," commented Eyal Shamir, Chief Executive Officer of IceCure. "The Polish healthcare system is known for providing advanced cancer treatment and adopting new therapies and technologies. As breast cancer continues to be one of the most common types of cancer among Polish women, with a reported 24,644 women diagnosed in 2020¹, Poland has joined the global effort to increase breast cancer screening in order to diagnose and treat patients at earlier stages. We believe this campaign fits well with our system's ability to treat patients earlier and without surgery by destroying malignant tumors. In addition, our technology also offers a minimaly invasive alternative to surgery for treating cancer in other organs, including the kidney, lung, and bone." 

"The Mobile SCANMED Systems team continues to deliver on our mission to provide Polish healthcare providers access to the best and the latest medical technologies from around the world. Today's agreement will bring the ProSense Cryoablation System's innovative cryoablation technology to breast cancer patients across Poland. The ProSense Cryoablation System is capable of destroying tumors safely, quickly, and painlessly, without the need for surgery," stated Marcin Weksler, Chief Executive Officer of Mobile SCANMED Systems.

Under the terms of the initial distribution agreement, Mobile SCANMED Systems shall be responsible to address all requirements to sell the ProSense Cryoablation System in Poland. Mobile SCANMED Systems may solely sell in Poland the ProSense Cryoblation System products and consumables purchased from IceCure. Following signing of the initial distribution agreement, Mobile SCANMED Systems shall also place an initial purchase order which amounts to approximately $100,000.

About IceCure Medical

Founded in 2006, Israel-based IceCure Medical (Nasdaq: ICCM) (TASE: ICCM) develops and markets an advanced liquid-nitrogen-based cryoablation therapy for the treatment of tumors (benign and cancerous) by freezing, with the primary focus areas being breast, kidney, bone and lung cancer. Its minimally-invasive technology is a safe and effective alternative to hospital surgical tumor removal that is easily performed in a relatively short procedure. The system is marketed and sold worldwide, after receiving FDA and CE approvals.

Mobile SCANMED Systems SP. z o.o.

Mobile SCANMED Systems is a modern Polish company that introduces technologically advanced devices, solutions and services related to the medical sector to our market. They continue to expanded the scope of their activities to include new products and services by working with the best companies and research centers from the most technologically advanced countries, such as Israel, China and the United States.

Mobile SCANMED's goal is to educate the public about the protection of their health. They want to raise people's awareness of the need for preventive examinations. They emphasize the importance of taking care of the surroundings and the environment, which have a significant impact on human health.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, IceCure is using forward looking statement in this press release when it discusses the entry into a long-term exclusive distribution agreement with Mobile SCANMED Systems, the placement of an initial purchase order by Mobile SCANMED Systems, the benefits of the Company's technology  and the market opportunity for the Company's ProSense Cryoablation System in the EU. Because such statements deal with future events and are based on IceCure's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of IceCure could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's Registration Statement on Form F-1 filed with the SEC on August 10, 2021. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Communication Contact:

IR Contact:
Chuck Padala
T: 646-627-8390 | M: 917-741-7792
chuck@lifesciadvisors.com 

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SOURCE IceCure Medical

FAQ

What is IceCure Medical's recent development regarding its ProSense Cryoablation System in Poland?

IceCure Medical has entered into an initial distribution agreement with Mobile SCANMED Systems to exclusively sell its ProSense Cryoablation System in Poland.

What are the expected outcomes of IceCure Medical's distribution agreement in Poland?

The agreement aims to establish a long-term exclusive distribution partnership, expected to be finalized within twelve months.

How much is the initial purchase order from Mobile SCANMED Systems for the ProSense Cryoablation System?

The initial purchase order amounts to approximately $100,000.

What is the significance of the ProSense Cryoablation System in cancer treatment?

The ProSense system offers a minimally invasive alternative for treating various cancers, including breast cancer, without the need for surgery.

What is the market potential for IceCure Medical in the EU?

The ProSense Cryoablation System is already CE-marked, positioning IceCure to expand its market presence significantly in the EU, particularly in Poland.