Cryotherapy developer, Arbel Medical Ltd. has obtained US Food and Drug Administration (FDA) marketing approval for its product.
The company has also raised $2.75m from Ofer Hi Tech Ltd. and Gemini Israel Funds, in addition to a smaller sum from existing shareholder TRD Instrum Ltd. The company hopes to eventually raise a total of $6m.
The product developed is the IceSense probe, a minimally invasive crytherapy technique using liquid nitrogen for the removal of benign tumors.
The FDA gave general approval to IceSense for surgical procedures, including for both benign and malignant tumors, and Arbel Medical will seek specific approval to use IceSense for certain procedures, such as the removal of benign and malignant tumors in the breast and uterus.
The company will conduct clinical trials this year in order to obtain more approvals. The company also plans to strengthen its marketing network ahead of a planned launch of the product in 2009.