By E. Janene Geiss
Philadelphia, Oct. 24 - Transoma Medical said Monday that it raised $12.7 million in series B equity financing.
Affinity Capital Management of Minneapolis was the lead investor, along with previous investors Polaris Venture Partners of Waltham, Mass., and Canaan Partners of Rowayton, Conn.
The company said it will use the funding to advance development of implantable wireless monitoring systems, like the one for heart failure patients 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," Brian Brockway, president and chief executive officer said in a company news release.
"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," he said.
St. Paul, Minn.-based Transoma Medical is a provider of implantable wireless monitoring systems serving life science research and remote patient monitoring.
| Issuer: | Transoma Medical
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| Issue: | Series B equity financing
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| Amount: | $12.7 million
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| Investors: | Affinity Capital Management (lead), Polaris Venture Partners, Canaan Partners
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| Announcement date: | Oct. 24
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