MIPS Project Award Winner CSA Medical Named Top Tech Incubator Company in the U.S. for 2009
Former MIPS project award winner CSA Medical Inc., a company dedicated to pioneering Spray Cryotherapy of pre-cancerous and cancerous lesions in the gastrointestinal tract and other organ systems, has been named Outstanding Incubator Client in the technology category by the National Business Incubation Association (NBIA).
CSA Medical received the award at the NBIA's 23rd International Conference on Business Incubation on April 21 as part of the annual NBIA Incubation Awards.
"We are thrilled to have been singled out from over 35,000 companies for this award," says Tim Askew, CEO of CSA Medical.
The company's CryoSpray Ablation system removes cancerous, pre-cancerous or diseased tissue by rapidly freezing and destroying the unwanted tissue. New, healthy tissue can then regenerate in its place. The company's system transports low-pressure liquid nitrogen through a specially designed catheter that is passed through a standard endoscope. With Spray Cryotherapy, physicians can freeze the disease, effectively freeing patients from discomfort and worry.
Through two MIPS project awards, CSA Medical partnered with the University of Maryland School of Medicine. The first, in 2006, worth $156,825, supported a clinical trial led by Bruce Greenwald, M.D., associate professor of medicine at the University of Maryland School of Medicine. While MIPS projects typically last one year, CSA Medical's was so successful that the company stopped the trial within nine months and decided to pursue an expanded, multi-center trial.
"The MIPS funding allowed us to validate our early clinical trial data in a major university hospital with a prominent physician," says Askew. "It was also a catalyst for our commercialization process."
In 2008, a second MIPS project award, worth $636,731, supported a multi-center study using CSA Medical's device on non-cancerous abnormal cells in the esophagus. Data from that study will be presented at Digestive Disease Week 2009 in Chicago.
"Results from the study thus far have surpassed our expectations," says Askew.
Since CSA Medical launched its product 1.5 years ago, more than 60 hospitals in the U.S. are using the device and technology, according to Askew. More than 100 physicians are trained to use the product and are treating people.
Last month, CSA shipped its 3,000th catheter, which roughly translates to 3,000 treatments, according to Askew.
The company's sales grew 400 percent in 2008. Since the product launch, CSA Medical has grown from eight to over 40 full-time employees.
Later this year, the company plans to launch a new, general-use CryoSpray Ablation device. "We are finding that physicians are wanting to use this device to treat in many areas of the body to battle a myriad of disease processes," says Askew, "at this point we are just trying to keep up with their demand for the product."
Each year, the NBIA Incubation Awards honor the business incubators, client companies and graduates that exemplify the best in the industry.
April 22, 2009