IceCure Medical Ltd. (NASDAQ: ICCM) watched its shares make marginal gains Friday. The Israeli-based developer of minimally-invasive cryoablation technology that destroys tumors by freezing as an alternative to surgical tumor removal, today announced it has received an Intention to Grant Notice from the European Patent Office for its invention titled "Cryogenic System Connector". This invention was recently granted a patent in the United States.
"We are experiencing increased momentum in the growth of our intellectual property assets, further demonstrating our global leadership in cryoablation. Europe is a major market for us, with several key distributors selling ProSense® and numerous new and ongoing independent clinical studies initiated by doctors who are using our cryoablation technology across many indications," stated IceCure's CEO, Eyal Shamir.
XSense and its cryoprobes, which have U.S. Food and Drug Administration clearance for all of the indications for which IceCure's flagship ProSense® has already received clearance, has the potential to address additional indications and significant unmet needs in the global tumor ablation market, estimated at $1.67 billion in 2023 according to Grand View Research.
ICCM shares gained two cents, or 1.6%, to $1.25.
