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Israeli firm freezing cancer tumors raises USD 6 million in equity offering

The treatment involves streaming liquid nitrogen in a closed circuit and then freezing the tumor with a unique needle developed by IceCure.

A frosted ice ball. Image by Ulrike Leone from Pixabay.

Israeli biomedical company IceCure Medical, which developed technology that freezes cancerous tumors, said that it has raised NIS 20.7 million (USD 6 million) in an equity share offering to investors last week.

The company said the capital raising was supported by Rosario Capital, Yair Capital, Apax Underwriters and Offerings, offering consultants Yaron Iluz and Naor El-Hai, and advisors Reut Alfiah, Oded Har Even, and Gal Cohen from the Sullivan international law firm.

It also reported that the offering was oversubscribed with a demand of NIS 24 million (USD 7 million.) In other words, investors ordered more shares than were being issued.

IceCure CEO Eyal Shamir said the offering “ensures the fulfillment of our strategic plan to continue expansion and growth in the scope of our activities.”

Founded in 2006, IceCure developed a pair of cryoablation systems for treating malignant and benign tumors. The treatments involve streaming liquid nitrogen in a closed circuit and then freezing the tumor with a unique needle developed by IceCure. The company says the healthy tissue remains untouched.

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IceCure’s technology enables the destruction of tumors in various organs, with the procedure completed in a regular clinic in less than an hour, without general anesthesia or hospitalization. Its impressive progress, according to the company, is driven by the accelerating global trend for minimally invasive treatments that remove the need for expensive operating rooms and medical staff during surgical procedures.

IceCure’s solution can also help institutions free up overloaded operating rooms around the world, as well as prevent and reduce possible infections in medical procedures. This is of critical importance during the COVID-19 pandemic.

The proprietary, flagship ProSenseTM liquid nitrogen-based system developed by IceCure has FDA approval and a CE mark, according to Shamir.

This article first appeared in NoCamels, which covers innovations from Israel for a global audience.