Company Making Spray Cryotherapy System Raises $16M in Series C Financing

Posted in Medical Venture Capital by Arundhati Parmar on January 3, 2014

The company uses a proprietary device and specialty catheters to spray extremely cold liquid nitrogen to ablate unwanted tissue in the patient's airway and gastrointestinal tract.   

CSA Medical, a Baltimore, Maryland company that aims to freeze disease in its tracks, has raised $16 million, according to a regulatory filing Friday.

The company makes the FDA-cleared truFreeze Spray Cryotherapy System, which flash freezes and ablates diseased or unwanted tissue inside a patient’s airway or gastrointestinal tract. The proprietary device sprays extremely cold liquid nitrogen through specialty catheters to freeze tissue while retaining the underlying collagen matrix. That can help to facilitate the growth of healthy tissue once the unwanted tissue is ablated.

A Dec. 20 news release announcing the Series C financing identified Ascension Ventures as the venture firm that led the round.

Interested in medical device funding strategies? Hear from Abedare Partners' Mohit Kaushal and Jim Mazzo of Versant Ventures at the MD&M Executive Summit, Feb.10-11, Anaheim Marriott.

The company's existing investors - SV Life Sciences, Intersouth Partners, First Analysis, Blue Heron Capital, Rose Park and Guide Medical Ventures - also invested in the company. Dr. Tara Butler, managing director at Ascension Ventures, joined CSA Medical as a new director. 

“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," said CSA Medical President and CEO, in the release.

Here is an animated video of how the company’s touchless, spray ablation system works:

[Photo Credit: user SaulHerrera]


-- By Arundhati Parmar, Senior Editor, MD+DI


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