CSA Medical Completes $16 Million Series C Financing
Funds to Support Market Expansion and Development of New Applications for truFreeze® Spray Cryotherapy Technology
BALTIMORE, December 20, 2013-- 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.”
About CSA Medical
CSA Medical, Inc. develops and manufactures a proprietary interventional spray cryotherapy technology platform comprised of a device and specialty catheters that enable delivery of spray cryogen inside the body to flash freeze and destroy unwanted tissue. The Company is the first to harness the power of low pressure, extremely cold (-196o C) liquid nitrogen inside the body. To learn more, please visit www.csamedical.com.
About Ascension Ventures
Ascension Ventures (www.ascensionhealthventures.org) was launched in 2001 as a wholly owned subsidiary of Ascension Health. Today it is a subsidiary of Ascension, a parent holding company formed in 2012. Ascension Ventures’ role has been to construct and manage a strategic portfolio of investments that deliver venture level investment returns, have the potential to transform the healthcare industry and significantly enhance the experience for patients, their families and their caregivers. Ascension Ventures has three venture funds with $550 million in committed capital under management and its limited partners include Ascension, Catholic Health East, Catholic Health Initiatives, Decatur Memorial Hospital, Dignity Health, Intermountain Healthcare and Mercy.
CSA Medical, Inc.
Steve Schaefer, 443-275-7701
Downloadable Venture Capital Database