Shares of IceCure Medical Ltd (NASDAQ:ICCM) went on a tear after a study revealed its ProSense treatment was safe and effective in fighting kidney tumors.
ProSense is a liquid nitrogen cryoablation solution that is capable of destroying tumors safely without the need for surgery.
Data showed that ProSense worked well on renal lesions smaller than 5 centimetres (cm) in patients not suitable for kidney-preserving surgery, according to interim results from an ICESECRET study.
Shares of IceCure rocketed over 300% higher on Tuesday morning, settling to trade around US$3.43 at midday.
In a subgroup of patients with no previous history of kidney cancer on the same kidney and a lesion less than 3 cm, an 89.5% recurrence-free rate was observed at a mean follow-up time of 22.2 months when the procedure protocol was followed, according to the results.
The recurrence-free rate was 85.1% for the 107 patients (91 patients, including 13 patients who underwent a second cryoablation), at a mean follow-up period of 16.5 months, IceCure added.
The American Cancer Society estimates that there are 79,000 new cases of kidney cancer in 2022, with about 14,000 dying from the disease.
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