Israeli medtech company IceCure Ltd. Closed a new public offering of 8,787,880 shares of the Company’s ordinary shares priced at-the-market under NASDAQ rules at a price to the public of $1.65 per share. The gross proceeds of the offering to the Company were approximately $14.5 million, before deducting placement agent fees, commissions, and other estimated offering expenses.
In April of 2021, IceCure’s shares soared by 35% after the Food and Drug Administration (FDA) approved the use of its ProSense system for treating cancerous tumors by freezing them.
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Founded in 2006, IceCure Medical is an Israeli medical device company which offers new treatments for cancer tumors. IceCure’s core technology is based on cryoablation: the use of freezing temperature (liquid nitrogen) to destroy tumors safely, quickly, and painlessly without the need for surgery. IceCure boasts that its next generation cryoablation technology, the ProSense system, enables rapid minimally-invasive, safe, and effective treatment of breast lesions in-office or ambulatory hospital settings.
The ProSense system provides physicians with full control over the procedure, ensuring that the treated zone is destroyed while leaving surrounding tissue undamaged. The company states that the system is a proven solution for the treatment of benign and malignant breast tumors, as well as renal, lung, and bone cancer.
IceCure boasts that the company’s unique ultra-slim probe freezes targeted tissue within minutes using advanced cryotherapy technology. Guided by CT or ultrasound, the probe is inserted into the tumor and liquid nitrogen generates sub-zero temperatures to turn the tumor into an ice ball. A freeze-thaw-freeze cycle destroys the targeted tissue immediately and leaves adjacent healthy tissue undamaged. The necrotic debris is eventually absorbed by the body.
Then there is the IceCure ICE3 which the company says is the largest controlled multilocation clinical trial ever performed for liquid nitrogen (LN2) –based cryoablation of small, low-risk, early-stage malignant breast tumors without subsequently removing them. The trial began in 2014 and has completed recruitment of 206 patients in 19 hospitals and medical centers across the US, including Columbia University Medical Center and Mount Sinai Beth Israel.
The ICE3 trial was designed to evaluate the safety and efficacy of breast cryoablation with IceCure’s ProSense® System, enabling women older than 60 with low-risk early-stage breast cancers to benefit from a non-surgical treatment and avoid the associated surgical risks. The study, which enrolled 194 eligible patients, is the largest controlled multicenter clinical trial ever performed in the U.S. for LN2 based cryoablation of small, low-risk, early-stage malignant breast tumors as an alternative to surgery.
