TVM Capital Life Science and Yonjin Venture co-led the round, joined by a strong syndicate of existing investors
CSA Medical Inc., developer of The RejuvenAir® System, a Breakthrough Medical Device advancing the power of liquid nitrogen spray cryotherapy for the treatment of chronic bronchitis, today announced the completion of an oversubscribed $53 million Series D preferred stock equity financing.
This round will fund the company though expected U.S. Food and Drug Association (FDA) premarket approval (PMA) and the building of a comprehensive commercialization strategy for successful U.S. launch.
TVM Capital Life Science and Yonjin Ventures co-led the round, joined by a strong syndicate of existing shareholders SV Health Investors, Ascension Ventures, First Analysis, Blue Heron, and Intersouth Partners. In conjunction with the financing, Dr. Luc Marengere of TVM and Dr. Deng Mao of Yonjin Ventures will join CSA Medical's Board of Directors.
"We're excited to bring new partners on board as we approach the next significant milestone of submitting the RejuvenAir System for regulatory approval," said Wendelin Maners, CSA Medical CEO. "This new investment further validates the enormous market potential for the RejuvenAir therapeutic platform in this under-served patient population." The RejuvenAir System is a medical device therapy aimed at treating the underlying cause of the chronic bronchitis, something no drug or device on the market does today.
"This successful funding round is a testament to our confidence in the Company's team, vision and impact RejuvenAir will make in treating chronic bronchitis around the world," said Dr. Luc Marengere, Managing Partner at TVM Capital Life Science. "I am excited to join the Board of CSA and look forward to see the upcoming data from the U.S. pivotal study."
On behalf of Yonjin Ventures, Dr. Deng Mao expressed enthusiasm about the partnership, stating "Our investment is driven by the clear and significant impact the RejuvenAir technology will have on chronic bronchitis patients worldwide."
About COPD with Chronic Bronchitis
Chronic Bronchitis is the largest disease subset of Chronic Obstructive Pulmonary Disease (COPD). Bronchitis is inflammation of the bronchial airways. A chronic bronchitis diagnosis is defined by cough with productive sputum of three months duration for two consecutive years. In addition to chronic inflammation, cough and increased production of mucus, Chronic Bronchitis may or may not present with obstruction/partially blocked airways due to swelling and excess mucus in the bronchi or shortness of breath (dyspnea). In the United States, there are an estimated 16 million people with COPD, of which over 9 million have a diagnosis of Chronic Bronchitis, a subset of COPD.
About CSA Medical
CSA Medical is committed to developing spray cryotherapy devices that improve the lives of people suffering from COPD with Chronic Bronchitis. We are advancing our core liquid nitrogen spray technology, RejuvenAir, to target the underlying cause of Chronic Bronchitis – the over production of mucus and damaged cilia within the airways. By targeting and destroying these damaged cells without creating scar tissue, the body can begin the rapid regrowth of new, healthy normal functioning cells in the lung.
RejuvenAir is an investigational device and not currently commercially available in the United States.
SOURCE CSA Medical
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