CSA Medical Secures $23 Million to Advance its Cryospray™ Therapies for Esophageal Disease and COPD
BOSTON, /PRNewswire/ -- CSA Medical, Inc. announced that it has secured $23 million in venture debt and equity financing to advance its two novel 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.
"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.
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.
"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."
About CSA Medical and truFreeze®
About Horizon Technology Finance
To learn more about CSA Medical's technology, please visit www.csamedical.com.
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SOURCE CSA Medical Inc.
Company Codes: NASDAQ-NMS:HRZN