CSA Medical, Inc. Secures $10 Million in Series A Financing
1/25/2011 8:12:05 AM
BALTIMORE, Jan. 25, 2011 /PRNewswire/ -- CSA Medical, Inc. (www.CSAmedical.com), the pioneer and leader in spray cryotherapy technologies that enable precise delivery of liquid nitrogen to treat diseased tissue, today announced that it has secured $10 million in a Series A preferred stock financing to retire debt and provide incremental capital for the growth and expansion of its patented and FDA-cleared spray cryotherapy system. This private placement was led by New Markets Venture Partners and other existing investors. CSA Medical is oversubscribed for this offering and in discussions with additional potential equity partners.
"The Series A Financing eliminated all debt and brings the total investment in our novel, energy-based spray cryotherapy system to $32 million to date," said Bill Floyd, president & CEO of CSA Medical. "This funding will support our efforts to address customer demand as we launch and seek expanded clinical indications for our new platform technology, the truFreeze® system.
Cryotherapy, the destruction of tissue by freezing, is a well-established approach to treatment in many branches of surgery. CSA Medical's spray cryotherapy system is already in use for treating esophageal disease at nearly 80 top-ranked cancer centers and academic teaching hospitals throughout the United States. Nearly 7,000 spray cryotherapy treatments have been performed to date.
About CSA Medical
CSA Medical, Inc. develops and manufactures a proprietary therapeutic interventional platform, the CryoSpray Ablation System, comprised of a device, specialty catheters and agent that allow delivery of therapeutic doses of a cryogen to flash freeze and destroy diseased tissue inside the body. The Company is the first to harness the power of extreme cold (-196 C) liquid nitrogen therapeutic energy delivery inside the body. To learn more, please visit www.CSAmedical.com.
SOURCE CSA Medical, Inc.