St. Paul Business Journal -- Rotation Medical Inc., a startup spun out of med-tech incubator Denali Medical, has raised $10 million in venture capital, according to a regulatory filing.
Plymouth-based Denali, led by CEO Tom Hektner, has largely kept quiet about its plans since launching in 2006, though it now at least has a website up and running.
The incubator has raised venture capital in recent years from firms such as New Enterprise Associates and Thomas, McNerney & Partners. It’s now calling itself Denali Medical II. Rotation Medical is listed as one of two firms spun out of its first incarnation, Denali Medical I.
Rotation, as its name might suggest, is developing “products for soft tissue repair in the shoulder.” The company raised $4.4 million in 2010. The firm has closed on $10 million as part of its most recent round, but plans to raise $5 million more, according to the filing.
Rotation’s CEO is Tom Westling, a former Guidant Corp. vice president. Michael DeMane, former chief operating officer for Fridley-based Medtronic Inc., serves on the company’s board.
In addition to Rotation Medical, Denali also has spun off Ivantis Inc., an Irvine, Calif.-based firm that’s developing technology for treating glaucoma.
Overall, Denali II said on its website that its goal is to “address new and underserved clinical needs via internally generated ideas and external collaborations with clinicians, scientists, inventors, industry experts and entrepreneurs.”