US-based cryotherapy technology developer CSA Medical has secured $23m in debt and equity financing from investors including Ascension Ventures, the corporate venturing unit set up by healthcare provider Ascension Health.
Specialty finance provider Horizon Technology Finance supplied a $15m venture loan facility as well as $6m of the $8m equity portion, which included venture capital firm SV Health Investors and VC fund Intersouth Partners as well as Ascension.
CSA is developing cryotherapy systems which utilise liquid nitrogen spray delivered by specialist catheters to freeze and destroy harmful tissue. Its TruFreeze spray is used in more than 100 US hospitals, and the funding will help expand the use of the system for gastrointestinal conditions.
The company is developing a second system called Rejuvenair to treat lung condition chronic obstructive pulmonary disease (COPD), and the round will support its progress through clinical testing.
Vincent Owens, CSA Medical’s chairman, said: “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 oesophageal diseases including cancer and we will continue to advance Rejuvenair to improve quality of life for COPD patients.
CSA had previously raised $68.5m in equity funding. Ascension Ventures led its $16m series C round in 2013, investing alongside SV Life Sciences, Intersouth Partners, First Analysis, Blue Heron Capital, Rose Park and Guide Medical Ventures.
All the series C investors bar Ascension and Guide Medical had also participated in CSA’s $20.5m series B round in 2011. The company had raised $10m in series A funding from investors including New Markets Venture Partners earlier the same year.
