Interventional spray cryotherapy technology platforms developer CSA Medical has secured $23m in venture debt and equity financing to advance its two cryospray therapy platforms, truFreeze and Rejuvenair.
Horizon Technology Finance (Horizon) provided the $15 million venture loan facility along with $8 Million in equity investment sourced from existing CSA shareholders.
CSA Medical executive chairman Vincent Owens said: “Thanks to the support of our existing investors and new partner Horizon, we will continue to expand the market for truFreeze to treat the full spectrum of esophageal diseases including cancer and we will continue to advance Rejuvenair to improve quality of life for COPD patients.
An initial $11 million was funded, including $6 million from Horizon Technology Finance, under the $15 million venture loan facility, and $5 million of $8 million in commitments from CSA shareholders including SV Health Investors, Ascension Ventures, and Intersouth Partners.
The company will use the financing proceeds to fuel growth and expansion of its commercial truFreeze product line in the gastrointestinal (GI) market and to advance its COPD therapy, Rejuvenair, toward major clinical and regulatory approval milestones.
CSA’s truFreeze business president Wendelin Maners said: “This growth capital comes at an exciting moment in CSA’s corporate evolution as the growing body of evidence and patient success stories underscore truFreeze’s critical role in treating a wide range of esophageal disorders.
“We are committed to supporting clinical and commercial programs that will dramatically expand the use of truFreeze in the GI market.
“ An important element in achieving this mission will be the launch of truFreeze REO, our next generation circumferential spray cryotherapy catheter for Barrett’s Esophagus that aims to shorten procedure times for physicians and be a less painful ablative option than alternative modalities for patients.”
CSA Medical, Inc. develops and manufactures proprietary interventional spray cryotherapy technology platforms utilizing unique properties of liquid nitrogen spray delivered by a software driven device with specialty catheters that enable delivery of spray cryogen inside the body to flash freeze and destroy unwanted tissue allowing for a rejuvenative pattern of healing.
CSA manufactures and distributes this technology in the USA as the truFreeze® system which is currently being utilized in over 100 leading hospitals and universities advancing therapy for patients affected by conditions such as Barrett’s esophagus, esophageal cancer, and airway obstructions.
Source: Company Press Release
