Proceeds from the financing will be used to address customer demand and support the launch of CSA Medical's new platform technology.
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BALTIMORE, CSA Medical, Inc., the leading developer of novel Spray Cryotherapy devices that flash freeze and treat diseased tissue inside the body, today announced that it has completed an oversubscribed $12.6 million Series A Preferred Stock financing with the addition of a venture investment from Blue Heron Capital.
Proceeds from the financing will be used to address customer demand and support the launch of CSA Medical's new platform technology. The company is also in discussions with additional institutional investors for Series B funding to accelerate the development of new product indications.
"This successful financing underscores the significant value created by our team," said Bill Floyd, CEO and President of CSA Medical. "Our goal is to become a leading global provider of Spray Cryotherapy solutions that treat multiple disease states to improve patient outcomes, simplify treatment and reduce the cost of healthcare. This funding helps set the stage to achieve this goal and commercialize our new platform technology."
CSA Medical's technology uses extreme cold liquid nitrogen (-196 C) to provide targeted treatment of diseased tissue inside the body. The company's current product platform uses an advanced endoscopic tool to treat esophageal disease. The Spray Cryotherapy system is already in use for treating esophageal disease at nearly 80 top-ranked cancer centers and academic teaching hospitals throughout the United States.
"We are impressed with the strength of CSA Medical's management team and the progress the company has made to-date in the GI space," said Tom Benedetti, Partner at Blue Heron Capital.
"We believe that Spray Cryotherapy has far reaching potential and we look forward to supporting the company's efforts in the marketplace."
About CSA Medical
CSA Medical, Inc. develops and manufactures a proprietary therapeutic interventional platform, the Spray Cryotherapy System, comprised of a device, specialty catheters and agent that allows delivery of therapeutic doses of a cryogen to flash freeze and destroy diseased tissue inside the body. The Company is the first to harness the power of extreme cold (-196 C) liquid nitrogen therapeutic energy delivery inside the body. To learn more, please visit www.CSAmedical.com