Erratic market delays Transoma IPO
This article was originally published in Clinica
Implantable wireless diagnostics specialist Transoma Medical has said it is postponing its IPO due to the current unpredictable economic climate in the US. The Minnesota-based firm told the Minneapolis/St Paul Business Journal that it still plans to go ahead with the IPO on the Nasdaq Stock Exchange. The offering was originally filed in October 2007 and is expected to raise $75m (see Clinica No 1278, p 8). Transoma was planning to use the funding to develop chronic cardiovascular disease technology and its Sleuth implantable ECG monitoring system. The company will be looking to avoid the fluctuating market conditions that have affected Enteromedics, another St Paul-based company that recently floated on the Nasdaq. Enteromedics, a neuroblocking technology company also based in St Paul, saw its share price fall by 11% from $8.73 per share to $7.76 during the last week.
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