| IceCure Medical (formerly Arbel Medical) is preparing to launch its first product, the IceSense, in the U.S. in mid-2010.
An FDA approval for the first prototype was granted already two years ago, but the American market is supposed to get the product with some "cosmetic" changes from the original version and thus the company plans to apply for an amendment. Hezi Himelfarb, Ice Cure's CEO, told ILSI that the amendment approval is expected to be granted by 2010 yearend or earlier.
Himelfarb says the marketing efforts will focus first on a limited geographic area: Michigan, Ohio and Pennsylvania. There are two reason for that, he explains: "First, our product is well covered and reimbursed by the local insurance companies in this area, which also has a good mix of private clinics and top tier academic hospitals. Second, one of the company's investor is a located in Cleavland, Ohio, and might assist us with opening some doors".
Until next year, “the company will focus on getting its name known in the relevant circles and introducing doctors to the technology and product's benefits”. This process has already started, says Himelfarb, and "the systems are ready".
Himelfarb is the former CEO of Remon Medical Technologies which was sold to Boston Sceintific in 2007 for more than $80 million.
The IceSense device is designed for treatment of benign tumors in women (such as breast fibroadenoma and uterine fibroids), so the relevant users are general surgeons, mostly in private clinics. The plan is to expand to breast cancer and other applications in gynecology, cardiology, and dermatology. The IceSense is a minimally-invasive treatment that is performed under local anesthesia in the physician’s office. Ultrasound guides the IceSense probe to a position in the tumor, an ice ball is formed engulfing the tumor and destroying the tumor tissue. The process involves no scarring or downtime.
Recently, Ice Cure changed its name for marketing purpose. It was founded in 2006, and graduated from Naiot Technological Center. To date, the company has raised $6 million, as the last round of financing ($4.5 million) was completed in 2008.
Is Ice Cure planning another round of financing? Himelfarb says the company can use its existing cash reserve for another year or so, and that's when it will plan another round, which he assumes will carry a higher valuation as the company will be marketing its product and showing its acceptance in the marketplace.
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