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IceCure Medical, Shanghai Medtronic & Turing Medical Sign Distribution Agreement in Mainland China
Shanghai Medtronic to exclusively distribute IceSense3 cryoablation systems with a minimum purchase target of $3.5 million in the first 3 years of the
About this update from Icecure Medical Ltd.
[{"type":"text","content":"Shanghai Medtronic to exclusively distribute IceSense3 cryoablation systems with a minimum purchase target of $3.5 million in the first 3 years of the contract First IceSense3 systems to be delivered in 2022 CAESAREA, Israel, June 13, 2022 /PRNewswire/ -- IceCure Medical Ltd. (NASDAQ: ICCM) (TASE: ICCM) (\"IceCure\" or the \"Company\"), developer of minimally-invasive cryoablation technology, the ProSense® System (marketed under the brand name IceSense3 in China), that destroys tumors by freezing as an alternative to surgical tumor removal today announced that its wholly-owned subsidiary, IceCure (Shanghai) MedTech Co., Ltd. (\"IceCure Shanghai\"), signed an exclusive distribution agreement for IceSense3 cryoablation systems with Shanghai Medtronic Zhikang Medical Devices Co. Ltd. (\"Shanghai Medtronic\"), an affiliate of Medtronic plc (NYSE: MDT) (\"Medtronic\") and Beijing Turing Medical Technology Co. Ltd. (\"Turing\"). The first IceSense3 systems are expected to be delivered in 2022.\nShanghai Medtronic will be the exclusive distributor of the IceSense3 and its disposable probes in mainland China for an initial period of three years, with minimum purchase targets of $3.5 million for this period. Additionally, in mainland China, Shanghai Medtronic will not directly or indirectly invest or deal in, market, sell, promote or provide services to any product that competes with the IceSense3, during the term of the distribution agreement and for a period of six (6) months thereafter. While Shanghai Medtronic conducts all marketing, sales, and certain professional training, Turing will be responsible for the import, installation, and after-sales service of IceSense3 systems in mainland China.\nThe IceSense3 system console is approved by the National Medical Products Administration (\"NMPA\") of China. Having submitted an amendment application to the registration certificate for approval of the disposable probes, which, if approved, will allow the Company to sell its disposable IceSense3 Cryoprobes for commercial use, IceCure expects to receive NMPA approval for the probes by the end of 2022.\n\"Shanghai Medtronic and Turing are ideal partners for us in mainland China where cryoblation technology currently has minimal market penetration. We see a substantial opportunity for our IceSense3 cryoablation system to be widely adopted in ma...