January 5, 2021
IceCure Medical Ltd. is a developer of the next generation cryoablation technology that destroys tumors by freezing without the need for surgery. Today the company announced that an expanded distribution agreement in Thailand with its strategic partner, Terumo Corporation a leading Japanese medical devices company with a global footprint, was signed on December 28, 2020.
IceCure Medical advises that the expanded partnership reflects the ongoing success of the initial agreement, which was signed in September 2019, and included distribution rights in Japan and Singapore. The signing of the new multi-million dollar agreement follows IceCure’s earlier Letter of Intent announcement in October 2020 and will grant Terumo exclusive rights to distribute IceCure’s products in Thailand for six years, with an option to extend the agreement for an additional six years.
IceCure Medical CEO, eyal Shamir notes, “I am thrilled to have ended such a significantly challenging year with a big leap in positive results. By strengthening business relations with strategic partners such as Terumo, finalizing new distributor agreements, and obtaining additional regulatory approvals for IceCure’s technology to freeze benign and cancerous tumors for indications such as breast, lung, kidney, bones, and other types of tumors, we are working to further expand our global activities in 2021,” Shamir stated.
In exchange for granting exclusive distribution rights and knowledge-sharing for ProSense™ and its consumables for the initial six-year period of years, the agreement includes a payment of $450,000 that will be paid by Terumo in three installments over two years. The first payment of $150,000, along with Terumo’s first purchase order (PO) of approximately $329,000, will be due upon execution of the final agreement.
IceCure has been approved by the Thai government to market the ProSense™ cryoablation system and related consumables for the destruction of benign and malignant tumors in the breast, lung, kidney, bone, and additional indications. Other.