IceCure Medical
said today that it has signed Terumo (OTC:TRUMY;TYO:4543) as the exclusive distributor of its tumor-freezing technology in Japan and Singapore.
Terumo will pay IceCure $2 million for the distro rights if IceCure obtains the appropriate regulatory approvals for its ProSense cryoablation device, designed to treat malignant breast tumors without surgery. This will include a one-time, up-front payment of $1 million to IceCure 30 days after signing the agreement and the remainder after IceCure achieves the agreed-upon milestones, according to Caesarea, Israel-based IceCure. Terumo will also buy 10 ProSense system consoles and consumables at the time of signing for use in clinical trials to support regulatory filings.
Terumo will also be responsible for obtaining all regulatory approvals and insurance indemnifications in Japan and will hold those regulatory rights. IceCure expects initial regulatory approval in Japan in a few years.
“We are excited to partner with Terumo, a leading global medical company, in this milestone agreement,” said IceCure CEO Eyal Shamir in a new release. “With Terumo’s proven medical distribution network and the necessary sales and marketing expertise, this new partnership will support rapid commercialization of our cryoablation solution in Japan and Singapore, pending regulatory approval.”
“The ProSense system has already demonstrated excellent progress as a rapid, in-office solution for the treatment of breast tumors,” added Tsuyoshi Tomita, group manager of Terumo’s general hospital products group. “With its expanding clinical data as a non-surgical alternative to treat cancer, the innovative ProSense system makes an exciting addition to our portfolio to address key unmet needs and improve patient outcomes.
