IceCure Israeli Medtech Co Sees Stock Soar On New FDA Approval
The company freezes cancer tumors as a treatment.
Israeli medtech company IceCure Ltd. (TASE: ICCM) has received FDA approval to market its ProSense system for treating cancerous tumors by freezing them. The news led to a 35% spike in its share price in trading today on the Tel Aviv Stock Exchange.
Startup Nation boasts a wealth of successful companies in the field of medical technologies. Like EyeYon Medical which is a medtech startup which develops and markets medical ophthalmic devices. It says that its devices offer relief to the unmet clinical needs of millions of patients. And Ibex Medical Analytics uses artificial intelligence (AI) in cancer diagnosis. Israeli MedTech startup Lumen has a new device that people can use to check their own metabolism. Lumen has partnered with Anytime Fitness UK to provide its gym members with the new tech.
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.
#ECIO2021 is just around the corner. We are excited to be a silver sponsor. Be sure to check out our virtual exhibit booth, where you can register for our ECIO exclusive “Meet the #ProSense #Cryoablation System” event. https://t.co/UFMcSKMjaw@cirsesociety pic.twitter.com/9e6TebLEK9
— IceCure Medical (@IceCureMedical) April 1, 2021
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’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.
IceCure CEO Eyal Shamir said, “We are delighted about the FDA’s recognition of our innovative cryoablation (freezing) technology as a breakthrough device, which meets the major needs for treating benign and cancerous tumors for a range of indications including early stage and low risk breast cancer. Receiving breakthrough device status allows the company direct access to the FDA team examining the product, thus shortening the process for requesting approval of the product.”
“It is estimated that 280,000 new cases of breast cancer are discovered every year in the U.S., of which ProSense is capable of treating those that were detected early on and are considered low risk, or in cases when alternative treatment is not available to the patient,” added Shair. “This designation is an important milestone for the company since it offers vital regulatory recognition of the clinical need that in many cases goes unanswered when it comes to a range of cancer indications, including breast cancer.”