CSA Medical Inc has secured $23 million in venture debt and equity financing to advance its two novel cryospray therapy platforms, truFreeze and Rejuvenair.
The company will use the financing proceeds to fuel growth and expansion of its commercial truFreeze product line in the gastrointestinal (GI) market and to advance its COPD therapy, Rejuvenair, toward major clinical and regulatory approval milestones.
The RejuvenAir Metered Cryospray System is designed to spray liquid nitrogen at 196o C in a circumferential pattern within the airway. It is anticipated that the rapid freezing of the epithelial layer of the airway walls will destroy the mucus-producing goblet cells while preserving the extracellular matrix, thereby enabling the regrowth of healthy cells.
The truFreeze system, which uses liquid nitrogen spray to flash freeze and destroy unwanted tissue, is currently being utilized in over 100 leading hospitals and universities advancing therapy for patients affected by conditions such as Barrett’s esophagus, esophageal cancer, and airway obstructions.
Horizon Technology Finance provided the $15 million venture loan facility along with $8 Million in equity investment sourced from existing CSA shareholders.
“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,” said Vincent P. Owens, Executive Chairman of CSA Medical.