CSA Medical Inc., a Lexington, Massachusetts-based developer of two novel cryospray therapy platforms, truFreeze and Rejuvenair, secured $23m in venture debt and equity financing.
Horizon Technology Finance provided a $15m venture loan facility while existing shareholders provided $8M in equity funding from SV Health Investors, Ascension Ventures, and Intersouth Partners. An initial $11m was funded, including $6m from Horizon Technology Finance, under the $15m venture loan facility, and $5m of $8m in commitments from the above shareholders.
The company intends to use the funds to accelerate 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.
Led by Vincent P. Owens, Executive Chairman, CSA Medical develops and manufactures proprietary interventional spray cryotherapy technology platforms utilizing 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. The company manufactures and distributes this technology in the USA as the truFreeze® system which is currently being utilized in over 100 hospitals and universities advancing therapy for patients affected by conditions such as Barrett’s esophagus, esophageal cancer, and airway obstructions.
The RejuvenAir® Metered Cryospray™ system is designed to spray liquid nitrogen at 196o C in a circumferential pattern within the airway to destroy the mucus-producing goblet cells while preserving the extracellular matrix, thereby enabling the regrowth of healthy cells. The RejuvenAir system is currently under clinical investigation and is not commercially available.