Cryotherapy, specifically for esophageal disease, has received a boost in the form of new funding for CSA Medical, Inc. and its platform technologies.
CSA Medical, Inc. develops and manufactures interventional spray cryotherapy technology to flash freeze and destroy unwanted tissue. This then allows for a rejuvenative pattern of healing. CSA’s proprietary platforms utilize unique properties of liquid nitrogen spray delivered by a software driven device with specialty catheters to enable delivery of spray cryogen inside the body.
CSA’s truFreeze® system 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. The RejuvenAir® System is currently under clinical investigation and is not commercially available.
Now the company says it has attracted $23 million in venture debt and equity financing to advance its truFreeze and Rejuvenair cryospray therapy platforms. 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.
It will specifially support CE mark and pivotal clinical study launch for RejuvenAir® Spray Cryotherapy System for COPD in 2019, says CSA.
The funding comprises a $15 million venture loan facility, provided by Horizon Technology Finance, along with $8 Million in equity investment sourced from existing CSA shareholders.
“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,” said Vincent P. Owens, Executive Chairman of CSA Medical.
“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,” said Wendelin Maners, CSA’s President, truFreeze Business. “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.”
Source: PR Newswire