CSA Medical said yesterday that it put a $23 million debt-and-equity round on ice for the cryospray technology it’s developing.
Boston-based CSA said Horizon Technology Finance led the round with a $15 million loan facility; existing shareholders ponied up $8 million in equity financing, the company said. The round’s first tranche included a $6 million loan from Horizon and another $5 million in equity financing from backers including SV Health Investors, Ascension Ventures and Intersouth Partners, CSA said.
Proceeds are earmarked for expanding the commercial footprint into gastrointestinal indications for its TruFreeze cryospray and further clinical and regulatory work on its Rejuvenair lung treatment, according to a press release.
“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,” chairman Vincent Owens said in prepared remarks.
“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,” added TruFreeze president Wendelin Maners. “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.”
Last month the company touted early results from a feasibility study of RejuvenAir in patients with chronic bronchitis.
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