IceCure Medical Ltd., an Israel-based maker of a tumor-freezing technology, said Thursday it has expanded a strategic partnership with Terumo Corp. giving the Japanese medical devices firm exclusive rights to IceCure’s product in Thailand for six years for a total of $7.2 million.
The firm, whose shares are traded on the Tel Aviv Stock Exchange, develops and markets an advanced liquid-nitrogen-based cryoablation therapy for the treatment of tumors (benign and cancerous) by freezing them, with the main focus on breast, kidney and lung cancers. Its minimally invasive technology, which does not require surgery, is a safe and effective alternative to hospital surgical tumor removal that is easily performed in a relatively short procedure, the company said.
The system is marketed and sold worldwide, after receiving approval from the US Food and Drug Administration (FDA) and Europe’s CE mark. The Thai government has given its approval to market the firm’s ProSense cryoablation system to treat benign and malignant tumors in the breast, lung, kidney, bone and additional indications, the company said in a statement.
The new agreement, which is expected to be finalized by the end of the year, will grant Terumo exclusive rights to distribute IceCure’s product in Thailand for six years, with an option to extend the agreement for an additional six years.
Thailand, with population of 70 million people, is the third significant country in which Terumo and IceCure collaborate. The two firms signed in September 2019 an accord giving Terumo the distribution rights to Japan and Singapore. Terumo and IceCure are exploring further collaborations in other countries as well, IceCure said in a statement.
“Thailand, along with Japan and Singapore, are key geographies for IceCure in Southeast Asia, and with approximately 170,000 new cases of cancer every year, we believe patients will greatly benefit from IceCure’s ProSense cryoablation system,” said Eyal Shamir, IceCure’s CEO, in the statement. The agreement extension with Terumo is part of the company’s plan to increase its global reach by collaborating with strategic distributors, he added.
Tokyo-based Terumo Corp. is a medical device manufacturer with approximately $6 billion in sales and operations in more than 160 nations. Founded in 1921, the company develops, manufactures and distributes medical devices including products for use in cardiothoracic surgery, interventional procedures and transfusion medicine. The company also manufactures syringe and hypodermic needle products for hospital and physician office use. Terumo’s shares are listed on the Tokyo Stock Exchange.