CSA Medical said it raised $16 million, closing a series C financing round led by Ascension Ventures.
The Baltimore-based medical device company manufactures advanced spray cryotherapy technology that flash freezes unwanted tissue inside the body, delivering liquid nitrogen through a catheter.
The money is expected to go towards adding jobs in its Lexington, Mass.-based research and development office.
“The addition of Ascension Ventures to our highly experienced investor base validates the significant opportunity to advance patient care with truFreeze spray cryotherapy," president & CEO Bill Floyd said in prepared remarks. "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."
In conjunction with the funding, Ascension Ventures managing director Dr. Tara Butler joined CSA’s medical board of directors. Butler is also a board member for Stereotaxis (NSDQ:STXS) and OptiScan Biomedical, among many other companies.