Transoma Leverages Animal Testing Technology For Sleuth Implantable ECG
This article was originally published in The Gray Sheet
Executive Summary
Transoma Medical expects to enter the patient management and monitoring device market by the end of 2007 with the Sleuth implantable ECG monitoring system, the firm's first device for humans
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Financings In Brief
Transoma Medical IPO: Maker of the Sleuth implantable electrocardiogram monitoring system announces Oct. 12 plans for an initial public offering of up to $75 million in common stock. The Sleuth system, which "captures, records, analyzes and wirelessly transmits clinically relevant ECG data," debuted earlier this month following an Oct. 1 510(k) clearance. The system is intended for monitoring patients with clinical syndromes or increased risk of cardiac arrhythmias, as well as patients "who experience transient symptoms that may suggest a cardiac arrhythmia," the firm says (1"The Gray Sheet" Jan. 1, 2007, p. 21). By 2009, Transoma plans to release an enhanced version for diagnosing and monitoring atrial fibrillation. Future generation systems also will enable stratification of patients at risk of sudden cardiac death and long-term monitoring of blood pressure, the firm says. Transoma generated revenue of $37.2 million for the 12 months ended June 30, up 20.5%, based on use of its technology in animal models for biomedical research. Underwriters for the IPO include Piper Jaffray, Thomas Weisel Partners, RBC Capital Markets, Canaccord Adams and BMO Capital Markets
Financings In Brief
Transoma Medical IPO: Maker of the Sleuth implantable electrocardiogram monitoring system announces Oct. 12 plans for an initial public offering of up to $75 million in common stock. The Sleuth system, which "captures, records, analyzes and wirelessly transmits clinically relevant ECG data," debuted earlier this month following an Oct. 1 510(k) clearance. The system is intended for monitoring patients with clinical syndromes or increased risk of cardiac arrhythmias, as well as patients "who experience transient symptoms that may suggest a cardiac arrhythmia," the firm says (1"The Gray Sheet" Jan. 1, 2007, p. 21). By 2009, Transoma plans to release an enhanced version for diagnosing and monitoring atrial fibrillation. Future generation systems also will enable stratification of patients at risk of sudden cardiac death and long-term monitoring of blood pressure, the firm says. Transoma generated revenue of $37.2 million for the 12 months ended June 30, up 20.5%, based on use of its technology in animal models for biomedical research. Underwriters for the IPO include Piper Jaffray, Thomas Weisel Partners, RBC Capital Markets, Canaccord Adams and BMO Capital Markets
Financings In Brief
Stereotaxis raises $20.1 mil.: Firm tabs $20.1 million in net proceeds from a private placement stock offering for marketing, R&D and working capital. The offering includes approximately 1.9 million common stock shares at $10.50 each. Stereotaxis, which makes magnetic interventional navigation systems for cardiac catheterization labs, generated revenue of $27.2 million in 2006 - an 81% jump from the prior year. A net loss for the year of $45.7 million compares to a loss of $43.6 million a year earlier. As of year-end 2006, the firm had $37 million in cash on hand. On March 1, the firm announced the start of its HEAL HF trial to evaluate its Niobe system for magnetic navigation to multiple potential pacing sites and optimization of left ventricular lead placement to treat heart failure. Stereotaxis went public in 2004 (1"The Gray Sheet" Sept. 27, 2004, p. 12)...