Transoma Medical Inc., an Arden Hills med-tech start-up considered so promising that it raised $43.7 million in venture capital in recent years, has closed its doors.
The privately held maker of a cardiac monitoring device called Sleuth filed to go public in 2007 with the expectation of raising about $75 million. But it subsequently pulled the offer amid declining market conditions in 2008. At the time of its filing, the firm reported annual revenue of $37.2 million.
The Sleuth device was cleared by the Food and Drug Administration in 2007, and the company said as recently as September that it was enrolling patients in a long-term clinical trial.
Venture capital backers of the company have included Affinity Capital Management, Canaan Partners, Cross Creek Capital, an affiliate of Wasatch Advisors, Polaris Venture Partners and others.
Med-tech veteran Brian Brockaway, Transoma's founder and CEO, declined to comment on Tuesday.
Transoma was spun off from Data Sciences International, which was founded in 1984 and continues making monitoring equipment used in research.