IceCure Medical Announces Exclusive $6.6M Distribution Agreement to Sell ProSense™ Cryoablation System in Brazil

Rhea-AI Summary

IceCure Medical has announced a distribution agreement with KTRFIOS IMPORTACAO E EXPORTACAO LTDA to market its ProSense™ Cryoablation System in Brazil. This exclusive deal is set for five years, with projected sales of at least $6.6 million. ProSense™ aims to address Brazil's significant cancer burden, with over 500,000 new cancer cases annually. IceCure previously secured similar agreements in various regions, indicating the growing validation of its cryotherapy technology. The company anticipates regulatory approval within 18 months.

Positive

• Exclusive distribution agreement in Brazil opens new market opportunities.
• Projected sales of at least $6.6 million enhance revenue potential.
• Addresses urgent cancer treatment needs in Brazil with minimally invasive technology.

Negative

• None.

CAESAREA, Israel, June 7, 2021 /PRNewswire/ -- IceCure Medical Ltd. (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 exclusive distribution agreement with KTRFIOS IMPORTACAO E EXPORTACAO LTDA (the "Distributor") to sell the Company's ProSense™ Cryoablation System in Brazil, with the largest population in Latin America.

The agreement carries a duration of five years from the time ProSense™ receives regulatory approval in Brazil no later than 18 months from signing, includes a guarantee of at least $6.6 million in total sales, and can be extended for an additional five years.

"We are excited to expand our global reach into Brazil, which represents our first entry into the critically important Latin American market," commented Tlalit Bussi Tel Tzure, IceCure's Vice President of Business Development and Marketing.

This agreement follows similar agreements signed by IceCure in the United Arab Emirates, India, Thailand, and other countries, provides further validation for the ProSense™ cryoablation technology and continues the Company's mission to bring this technology to all geographies and thus increase sales.

With a total population of more than 200 million, more than 500,000 new cancer cases and more than 250,000 cancer deaths each year¹, Brazil has an urgent need for minimally invasive cancer treatments.  Bussi Tel Tzure stated, "we are confident that ProSense™, upon regulatory approval, can provide the people of Brazil with a cost-effective, simple procedure (compared to traditional surgical interventions), to save cancer patients time and resources with excellent outcomes."

¹ https://gco.iarc.fr/today/data/factsheets/populations/76-brazil-fact-sheets.pdf

About IceCure Medical

Founded in 2006, Israel-based IceCure Medical (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. To learn more, please visit: www.icecure-medical.com.

Forward Looking Statements

The foregoing about completing the Transaction is Forward-Looking Information, as defined in the Securities Law, which depends on factors outside the Company's control, including the General Meeting's approval of the Transaction and receiving TASE's approval to list the securities for trading. In addition, the statements about listing the Company shares for trading on NASDAQ without the need for a concurrent public offering depend on factors that are outside the Company's control, including the Company meeting NASDAQ rules and provisions at the time of listing, market conditions, receiving the SEC's approval for the listing document and the document's entry into effect. In view of the foregoing, this information might not materialize or materialize significantly differently than described above.

Communication Contact:

Tlalit Bussi Tel Tzure
VP BD & Marketing
IceCure Medical Ltd
972.54.565.0737
tlalitb@icecure-medical.com

IR Contact:

Jeremy Feffer
T: 212.915.2568 | M: 917.749.1494
jeremy@lifesciadvisors.com

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SOURCE IceCure Medical

FAQ

What is IceCure Medical's recent announcement regarding Brazil?

IceCure Medical announced a distribution agreement to sell its ProSense™ Cryoablation System in Brazil.

How much is the projected sales guarantee from the Brazil distribution agreement?

The agreement includes a projected sales guarantee of at least $6.6 million.

What are the main benefits of the ProSense™ Cryoablation System?

ProSense™ offers a minimally invasive treatment option for cancer patients, potentially saving time and resources.

When is regulatory approval expected for the ProSense™ system in Brazil?

Regulatory approval is anticipated within 18 months from the signing of the agreement.

How does the Brazil market impact IceCure Medical's global strategy?

The entry into Brazil represents a critical expansion into the Latin American market, enhancing the company's global reach.