Israeli device company IceCure Medical Ltd. scoped Cleveland for its U.S. headquarters, a move the company’s CEO hinted at in February.
IceCure’s lead product, IceSense3, freezes and destroys benign breast tumors using cryoblation, a technique using extreme cold to kill tissue. It won 510(k) clearance from the U.S. Food and Drug Administration late last year.
The company plans to open its U.S. headquarters at the Cleveland Clinic-led Global Cardiovascular Innovation Center campus on June 1, according to a statement from IceCure.
IceCure has been connected to northeast Ohio for a few years via the Bridge Investment Fund, which has invested more than $1 million in IceCure since 2008.
The company raised $10 million through an initial public offering on the Tel Aviv Stock Exchange in February, though its shares are trading down 15 percent since the IPO. The TA-100, a leading index, has dropped about 5 percent over that time frame.
IceCure says its method of treating noncancerous breast tumors offers a number of advantages over the conventional treatment, typically a lumpectomy. Because cryoablation is a minimally invasive procedure, IceSense creates less scarring and can be done quickly at a doctor’s office with only a local anesthetic, according to the company.
IceCure plans to conduct clinical trials of IceSense’s effect on breast cancer, CEO Hezi Himelfarb said earlier this year.
