Business
IceCure Medical Reports Full Year 2023 Financial Results: Global ProSense® and Disposables Sales Increase 26% as Company Continues Transition to Commercial Phase and Expects to Submit ICE3 Breast Cancer Study Data to FDA this Month for Marketing Clearance
Conference call to be held today at 10:00 am Eastern Time; Focus on U.S. market for ProSense® in breast cancer indication CAESAREA, Israel, April 3, 2024
About this update from Icecure Medical Ltd.
[{"type":"text","content":"Conference call to be held today at 10:00 am Eastern Time; Focus on U.S. market for ProSense® in breast cancer indication\nCAESAREA, Israel, April 3, 2024 /PRNewswire/ -- IceCure Medical Ltd. (Nasdaq: ICCM) (\"IceCure\" or the \"Company\"), developer of the ProSense® System, a minimally-invasive cryoablation technology that destroys tumors by freezing as an alternative to surgical tumor removal, today reported sales as of and for the twelve months ended December 31, 2023 increased 26% compared to the twelve months ended December 31, 2022, as the Company continues to transition from a research and development and clinical phase company to a commercial phase company.\n\n2023 Key Financial Highlights:\nProduct sales globally rose 26%Product sales in the U.S. grew 24%Cash and cash equivalents of $11.1 million at December 31, 2023During the first quarter of 2024, the Company raised $3 million in gross proceeds from the sale of ordinary shares under its At-the-Market (\"ATM\") offering facility, ending the quarter with cash and cash equivalents of approximately $11 million, which the Company believes provides the resources to execute its clinical, regulatory and commercial objectives for 2024.\"We have achieved what we believe is the most significant milestone in our company's history with the completion of the ICE3 breast cancer study and reporting of topline results,\" stated IceCure's CEO, Eyal Shamir. \"In the next few weeks, we will be reporting full results and submitting them to the FDA for review. We believe the data from ICE3 and numerous independent studies of ProSense® in breast cancer support our thesis that ProSense® can have a very meaningful positive impact on the health and wellbeing of women with early-stage breast cancer. Our U.S. commercial team is ready to launch marketing and distribution of ProSense® for breast cancer as we await the U.S. Food and Drug Administration's (\"FDA\") decision. Should the FDA grant clearance, we believe this decision would further boost commercial demand in global markets where ProSense® already has approval for breast cancer.\"\n\"We are pleased that the ICE3 full data results will be presented at the highly influential American Society of Breast Surgeons (\"ASBrS\") 25th Annual Meeting by ICE3 Investigator Dr. Richard Fine and by Dr. Michael Berry. Breast surgeons considering ProSens...