IceCure Medical Ltd. (NASDAQ:ICCM) (TASE: ICCM) ("IceCure" or the "Company"), developer of the next generation minimally invasive cryoablation technology that destroys tumors by freezing, today announced it has entered into an initial distribution agreement with Mutlu Medikim Tibbi Malzeme TIC. A.S. ("Mutlu Medikim A.Ş.") to exclusively sell the Company's ProSense™ Cryoablation System and Probes in Turkey. Within twelve months of signing the initial distribution agreement, the parties expect to enter into a long-term exclusive distribution agreement.
"This agreement with Mutlu Medikim A.S. is expected to open up a significant market opportunity for our ProSense™ Cryoablation System in Turkey, which has an advancing cancer treatment offering through its healthcare system that supports the country's population of more than 80 million people. This initial distribution agreement expands the regulatory approval and commercilalization activity for our system through strategic partnerships, which covers countries across the Middle-East, Europe, Asia, and Latin America." commented Eyal Shamir, Chief Executive Officer of IceCure.
"We are excited to be selected by IceCure to bring their innovative cryoablation technology, which is capable of destroying tumors safely, quickly and painlessly, without the need for surgery, to Turkey. As an well-established distributor and manufacturer of several global medical products, we believe bringing such a promising device as the ProSense™ System to the interventional oncology market in Turkey is great opportunity to grow our business," stated Founder and President of Mutlu Medikim A.Ş., Cezmi Mutlu.
Under the terms of the initial distribution agreement, Mutlu Medikim A.Ş. shall be responsible to address all requirements to sell the ProSense™ Cryoablation System in Turkey. Mutlu Medikim A. Ş. may solely sell in Turkey the ProSense Cryoblation System products and consumables purchased from IceCure. Following signing the initial distribution agreement, Mutlu Medikim A.Ş. shall also place an initial purchase order which amounts to approximately $100,000.