ST. PAUL, Minn.--(BUSINESS WIRE)--Transoma Medical, the leader in implantable wireless monitoring systems, has completed a $13 million series C equity financing. Investors included previous investors Canaan Partners, Menlo Park, Calif., Affinity Capital Management, Minneapolis; and Polaris Venture Partners, Waltham, Mass. Transoma has developed significant knowledge as well as a strong technology and IP platform through its 20-plus years of experience providing implantable wireless sensors to the pharmaceutical and device industry to speed the development of new therapies. Transoma’s Patient Management Device Division is leveraging this technology platform and expertise to develop a line of products that will help physicians more effectively deploy existing therapies for chronic cardiovascular disease.
“This insider-led financing round with participation from three of the top med-tech venture capital firms is exciting for Transoma and validates the progress our team has made,” said Brian Brockway, president and CEO of Transoma Medical. “Our first clinical product, the Sleuth(TM) Implantable ECG Monitor, is designed to provide physicians with accurate, timely and relevant information that will lead to faster and more cost-effective diagnosis of patient who suffer from infrequent unexplained fainting spells, or syncope. This is the first product in a platform. Once the platform is fully developed, it will provide physicians with a rich set of information to help them care for a broad range of chronic cardiovascular diseases.” The Sleuth product is currently under FDA review.
Brockway continued, “Patients who suffer from infrequent fainting are at risk of serious injury from falls and are often prevented from driving and working. This is therefore a major quality of life issue. With a faster diagnosis, patients could be treated and return to a normal lifestyle more quickly.”
B. Kristine Johnson, Affinity managing partner and Transoma Medical board member, said, “The additional financial support gives Transoma Medical an edge in the growing patient management market. Transoma has positioned itself as a cutting-edge, medical technology company through a combination of its management team, innovative platform technology and strong intellectual property.”
Brent Ahrens, general partner at Canaan Partners, stated, “Accurate, comprehensive and timely information is critical in diagnosing and treating patients with various cardiovascular conditions. We believe Transoma Medical’s product provides a more immediate and convenient approach for both the physician and patient. Transoma continues to serve as an example of combining innovation with producing medical technology and devices that will serve the industry well.”
Nestor Jaramillo Jr., vice president of sales and marketing for Transoma’s Patient Management Device Division, added, “The additional funding will enable us to market our first product for managing chronic cardiovascular disease. We will soon be sharing Transoma’s more than two decades of experience in remote wireless monitoring technology with the medical community at large.”
For additional information on the investors:
Affinity Capital Management: www.affinitycapital.net
Polaris Venture Partners: www.polarisventures.com
Canaan Partners: www.canaan.com
About the Sleuth Implantable ECG Monitor and Syncope
Syncope is a syndrome that is characterized by a sudden loss of consciousness. According to the American Heart Association, syncope accounts for 3 percent of the total emergency room visits and 6 percent of hospital admissions in the United States. Syncope evaluations and treatment in the United Stated exceed $750 million annually, in addition to the estimated physician’s office expenses of $470 million and hospital costs are more than $10 billion. Syncope can result in falls and serious injury. The Sleuth product is designed to help those patients who suffer from unexplained infrequent fainting. These patients may faint at intervals of once every other month or less often, and their physicians have been unable to diagnose the cause of fainting. The Sleuth device is designed to provide the physician with information that will lead to a definitive diagnosis of the cause of the syncope and guide the physician to providing an appropriate therapy. For more information on syncope, visit:
American Heart Association - www.heart.org
Heart Rhythm Society - www.hrsonline.org
STARS - US (Syncope Trust And Reflex anoxic Seizures) - www.stars-us.com
About Transoma Medical
Transoma Medical, a private company based in Saint Paul, Minn., is a leading provider of implantable wireless diagnostic systems for patients with chronic cardiovascular disease and for biomedical research. The company’s products include small wireless sensors that transmit information from inside the body to a receiver via radio-frequency waves, as well as unique software to condense the data these devices provide into meaningful information.
Transoma Medical has two operating divisions. The Patient Management Device Division is leveraging the company’s extensive technology platform by developing products that provide information to physicians to help guide therapies in patients with chronic cardiovascular disease at home and away. The Data Sciences International (DSI) Division provides innovative tools for life science researchers and plays a key role in drug discovery, preclinical evaluation of safety and efficacy, and other academic and government basic research. For more information, visit the company’s Web site at www.transomamedical.com.
Contact:
Transoma Medical: Brian Brockway, 651-481-7444 bbrockway@transomamedical.com or
Padilla Speer Beardsley: Nancy A. Johnson, 612-455-1745 njohnson@psbpr.com or
Nick Banovetz, 612-455-1705 nbanovetz@psbpr.com
Source: Transoma Medical
