CSA Medical, Inc., the leading provider of advanced spray cryotherapy technology that flash freezes unwanted tissue inside the body, today announced that it has closed a $16 million Series C financing led by Ascension Ventures (AV). The financing round was oversubscribed with all existing investors participating, including SV Life Sciences, Intersouth Partners, First Analysis, Blue Heron Capital, Rose Park and Guide Medical Ventures. Tara Butler, MD, Managing Director at AV, will join the CSA Medical Board of Directors.
"The addition of Ascension Ventures to our highly experienced investor base validates the significant opportunity to advance patient care with truFreeze spray cryotherapy," said Bill Floyd, CEO and President of CSA Medical. "This funding will support the development of new applications and enable us to meet the growing clinical demand for our truFreeze system by immediately doubling our sales force and introducing new products in 2014."
The truFreeze System is currently being used by physicians to ablate a variety of unwanted tissue inside the body such as in the esophagus and airway. The device delivers extremely cold liquid nitrogen spray through a small catheter to enable physicians to flash-freeze targeted tissue. This process has been shown to destroy the frozen cells without disturbing the underlying connective tissue, thereby providing a framework for healthy cells to regenerate over time.
"The truFreeze technology has the potential to advance the treatment of multiple disease states and improve the quality of life for patients while reducing the cost of care," said Dr. Butler. "We are impressed with the unique mechanism of action behind liquid nitrogen spray cryotherapy and the extensive work that CSA Medical has underway to develop new applications. The strength of the technology and management team, combined with our limited partners' expertise as leading healthcare providers, make this a highly attractive investment opportunity for us."
CSA Medical, Inc.