IceCure Company, based in Caesarea, Israel, reported its investors on a new development of cryoablation system – MultiSense. Current IceCure system, ProSense, allows for cryoablation and destruction of tumors safely, quickly and painlessly, without the need for surgery. This process is carried out by inserting thin needle into the tumor and generating, using liquid nitrogen, a sub-zero temperatures ice sphere at the tip of the probe and obliterate the tumor by freezing.. The new system is capable of inserting multiple needles in unison, allowing the destruction of larger masses and for treating multiple tumors simultaneously.
According to the company, the MultiSense system is capable of destroying tumors larger than 4 cm, thus this system will be a relevant treatment for cancers characterized by larger tumors at an early stage, such as uterine fibroid tumors (Myoma). Also, the ability to use multiple needles at unison will allow for the destruction of multiple tumors in single cost-effective procedure, while shortening procedure duration for the sake of the patient. IceCure estimates the development of the new system will be completed towards the beginning of 2024. Meanwhile, the company is about to release a new version of its single-needle ProSense system towards the end of 2022.
Non-invasive alternative to surgical tumor removal within 20 minutes
The main target market for the company’s products is the breast cancer treatment field, where the company believes it has the major competitive advantage. The IceCure’s system makes it possible to remove breast tumors, up to 2 cm, without the need for breast excision surgery, in an average of a 20-40-minutes non-invasive procedure. Months ago the company had published intermediate results of an extensive clinical experiments held in 19 clinics throughout the USA among 194 patients. According to these results, at the end of a 3-years follow-up period, only 4 patients (2.06%) experienced cancer recurrence. As stated, in addition to the clinical advantages, no cosmetic damage to the breast is formed by the process.
The results of the above experiment are the basis for the company’s request from the FDA to extend the use of its ProSense system for breast cancer treatments. This tool is already an approved breast cancer procedure at several East-Asian countries and the European market.
Company’s revenue for H1 2021 increased by 12% to approximately $2.1 million, compared to approximately $1.9 million for the six months ended June 30, 2020. In the past year, IceCure signed distribution agreements in Turkey, Brazil and India. In addition to Tel-Aviv Stock Exchange, the Company’s ordinary shares commenced recently trading on the Nasdaq, and as of today its market cap is $313 million.