Israel-based IceCure Medical is expanding its strategic partnership with Japanese medical device company Terumo.
The expanded partnership builds on the ongoing success of the agreement signed in September 2019 and includes distribution rights in Japan and Singapore.
The new multi-million dollar agreement is expected to be finalised by the end of this year.
The deal will enable Terumo to gain exclusive rights to distribute IceCure's products in Thailand for six years and comes with an option to extend the agreement for six additional years.
According to the Letter of Intent (LOI), Terumo will pay $450,000 in exchange for granting exclusive distribution rights and knowledge-sharing for ProSense and its consumables for the six-year period initially. The amount will be paid in three instalments over two years.
The first payment of $150,000, along with Terumo's first purchase order (PO) of approximately $329,000, will be due upon the final agreement execution.
IceCure CEO Eyal Shamir said: “Thailand, along with Japan and Singapore, are key geographies for IceCure in Southeast Asia, and with approximately 170,000 new cases of cancer every year, we believe patients will greatly benefit from IceCure's ProSense cryoablation system.
“The extension of our existing strategic collaboration with Terumo demonstrates its confidence in our technology and lays the foundation for continued global expansion as we seek to rapidly bring our minimally invasive cryoablation treatment to help patients worldwide.”
IceCure has obtained the approval from the Government of Thailand to market its ProSens cryoablation system and related consumables. Among other indications, they are allowed for the eradication of benign and malignant tumours in the breast, lung, kidney, and bone.
Terumo Asia Holdings chair and managing director and Asia, Pacific & India regional leader and executive officer Probir Das said: “We are delighted to expand and strengthen our collaboration with IceCure. As we continue to address key unmet medical needs, IceCures innovative ProSense cryoablation system provides a vital non-surgical alternative for cancer patients, seeking treatment in Thailand. We look forward to working together and exploring future opportunities.”
In July, Terumo completed the acquisition of Dutch healthcare startup Quirem Medical, making it a wholly owned subsidiary of the company.