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Transoma Medical Closes $12 Million in Series B Funding to Advance Development of Implantable Wireless Monitoring Systems

Posted on: Monday, 24 October 2005, 18:00 CDT

Proceeds Used to Commercialize Human Heart Monitoring Devices and Accelerate Growth of Its DSI Life Sciences Business

Transoma Medical, the leader in implantable wireless monitoring systems, has completed a $12.7 million series B equity financing led by Affinity Capital Management, Minneapolis, and includes previous investors Polaris Venture Partners, Waltham, Mass.; and Canaan Partners, Rowayton, Conn. The company is leveraging its technology platform to develop products to improve the care of patients with chronic disease and to accelerate growth of its Data Sciences International (DSI) division, which provides products for preclinical testing for drug safety and efficacy assessment and other biomedical research.

"We are thrilled to have the support of three leading life science investment firms," said Brian Brockway, President and CEO. "Transoma Medical has developed significant intellectual property and commercialization experience in implantable wireless sensors, transferring information across networks and turning large volumes of data into valuable information. Our first product for heart failure is currently in clinical trials. This and future products for monitoring heart failure patients is intended to provide physicians with timely, accurate and clinically relevant information. In addition, this technology may play a key role in a new era of managing patients with chronic disease and holds the promise for improving patients' lives and significantly reducing the cost of care."

Said Affinity Managing Partner B. Kristine Johnson, who is joining Transoma's board, "The combination of revolutionary platform technology, strong intellectual property and a management team deep in medical device experience uniquely positions Transoma Medical as a player with strong prospects in the rapidly growing heart failure market sector."

"Transoma Medical has an opportunity to become the premier franchise in implantable wireless monitoring systems," said Brian Chee, Polaris general partner. "Not only does the company have the potential to make a big play by helping physicians direct treatment in a large and growing patient population, it is also tackling some significant opportunities in the life science tools and veterinary care space. We are pleased to support the company's growth initiatives."

"Timely patient information is critical in treating heart failure patients, and we believe Transoma Medical's monitoring approach makes sense for patients and physicians," added Brent Ahrens, general partner at Canaan Partners. "We are pleased with the company's progress - Transoma is a strong example of medical technology innovation."

Lance Wallin, general manager of the DSI division, noted, "This investment will also allow us to provide new, innovative solutions to the pharmaceutical industry that can lead to improved productivity and safer drugs, as well as tools that facilitate breakthrough medical science."

About the Investors

-- For additional information on Affinity Capital Management, visit their web site at www.affinitycapital.net.

-- For further information on Polaris Venture Partners, visit their web site at www.polarisventures.com.

-- For additional information on Canaan Partners, visit their web site at www.canaan.com.

About Transoma Medical

Transoma Medical, based in Saint Paul, Minn., is the leading provider of implantable wireless monitoring systems and serves two markets: life science research and remote patient monitoring. Products provided by the company include small implantable wireless sensors that transmit information from inside the body to a receiver via radio-frequency waves, as well as unique software to collect and analyze the transmitted signals. 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 biomedical research. In addition to the life science research market, the company is addressing the emerging market for remote patient monitoring by leveraging its extensive technology platform. Products under development for remote patient monitoring will be sold under the Transoma Medical name. These products may provide physicians with timely and accurate information on the status of the patient's heart as they go about their normal activities. With this end in mind, the remote patient monitoring products in development hold significant promise for increasing quality of care and quality of life, as well as reducing the cost of care for patients with chronic disease. For more information, visit the company's web site at www.transomamedical.com.

Source: Business Wire

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