Israeli MedTech company IceCure Medical, developer of tumor-killing freezing technology, announced an equity sharing funding round, with the company raising $6 million. The equity-offering opportunity saw new investors get in on the action as well as existing ones take advantage of even more stock. The funding was supported by Rosario Capital, Yair Capital Issuing and Finance Ltd., Apax Underwriters and Offerings, offering consultants Yaron Iluz and Naor al-Hai, as well as attorneys Reut Alfia, Oded Har Even and Gal Cohen from the international law firm Sullivan.

The company further noted that the offering was oversubscribed, meaning investors ordered stocks that weren’t up for grabs.

IceCure’s medical solution offers patients with either benign or cancerous tumors a minimally invasive procedure. The product dubbed ProSense utilizes Liquid Nitrogen cryoblation technology to freeze and kill the tumor, saving the need for extensive surgery.

The ProSense cryoablation systems are currently in practice, treating patients with various forms of cancerous and benign tumors in breasts, lungs, kidneys, as well as other organs. As the non-surgical trend continues to gain momentum, IceCure’s cooling treatment helps provide hospitals and clinics with other critical solutions, among the aforementioned, helping them combat the rising and sometimes overwhelming demands facing medical centers these days.

Eyal Shamir, CEO of IceCure Medical said "IceCure's ProSense™ cryoablation systems are already helping patients suffering from cancerous and benign tumors on a global scale, with clinical results demonstrating significant success in tumor destruction."

By dropping the need for surgery, the product also cuts out the extensive time-consuming accompanying preparations for surgery, effectively saving costs and dropping hospitalization rate. As the procedure only takes about an hour, the risk of infectious pathogen transmission lessens, which has become a crucial factor due to the Coronavirus outbreak. IceCure essentially turns a previously expensive, time-consuming, and threatening procedure into a tumor-killing focused-ice-bath on steroids.

The Israeli company intends to throw the newly acquired capital towards further expansion, as the company is experiencing a rapid growth period. IceCure’s H1 2020 saw the MedTech company not only shatter its year-to-year turnover but leave the year of 2019 in the dust revenue-wise. While also having brokered deals and partnerships around the globe since the start of 2020 with massive medical markets such as Thailand, Singapore, Germany, and South Africa.

Shamir explains, "We are excited to complete the offering, which ensures the realization of our strategic plan for continued expansion and growth in our operational activities in the U.S., Europe and Asia. We see the completion of an oversubscribed fundraise in the current market as a vote of confidence by the main shareholder and the investing public in the company and the management's capability to create long-term value.”