BALTIMORE--(BUSINESS WIRE)-- CSA Medical, Inc., the leading developer of novel Spray Cryotherapy devices that freeze and destroy unwanted tissue inside the body, today announced that it has secured $20.5 million in a Series B financing for the growth and expansion of its patented and currently marketed Spray Cryotherapy system. Intersouth Partners and First Analysis led the financing, with S.V. Life Sciences, Rose Park, Blue Heron Capital and other existing investors participating. Tracy Marshbanks, Ph.D., from First Analysis, Rick Kent, M.D., of Intersouth Partners and Paul LaViolette from S.V. Life Sciences will join the CSA Medical Board of Directors.
Proceeds from this financing will fund post-market clinical studies and ongoing development to support new indications for the company’s Spray Cryotherapy system, which is currently being used to treat esophageal disease through endoscopic application of extreme cold liquid nitrogen spray.
“CSA’s platform technology has the potential to revolutionize current approaches to the treatment of multiple disease states for which there is clearly an unmet clinical need,” noted Rick Kent, partner at Intersouth Partners. “The company has already demonstrated an ability to bring novel medical devices through development and into the market, as evidenced by its progress in the gastrointestinal space, and we are pleased to support their efforts to address new applications for Spray Cryotherapy.” First Analysis Managing Director Tracy Marshbanks added, “In an environment that increasingly puts a premium on health care efficiency and effectiveness, we think CSA’s technology and team are particularly well positioned to succeed.”
CSA Medical’s current product is being used at more than 80 top-ranked cancer centers and academic teaching hospitals throughout the United States. “We are thrilled to be working with financial partners with deep domain experience and understanding of markets. This partnership and funding will support the launch of our new platform, expanded utilization and further development of new clinical applications,” said Bill Floyd, CEO and President of CSA Medical.
Commenting on the financing, Paul LaViolette, Partner at S.V. Life Sciences stated, “The CSA team has been effective at developing a next-generation device. This platform technology will ultimately address new clinical applications and we look forward to supporting CSA’s ongoing efforts, including the development of therapeutic treatments for the airway.”
About CSA Medical
CSA Medical, Inc. develops and manufactures a proprietary therapeutic interventional platform, the Spray Cryotherapy System, comprised of a device and specialty catheters that allow delivery of therapeutic doses of a cryogen to freeze and destroy unwanted 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.
Contact:
CSA Medical, Inc.
Steve Schaefer
Phone: 443-524-9670
Fax: 866-300-5183
www.CSAmedical.com
