Citing unfavorable market conditions, Transoma Medical Inc. on Thursday withdrew its registration for an initial public offering. The Arden Hills-based medical device company makes implantable, subcutaneous, wireless diagnostic and monitoring products. They are used in two markets for cardiovascular diseases and for biomedical research. The implantable devices can provide physicians with vital-signs information. The company registered Oct. 12 for an offering, seeking to raise $75 million. In subsequent filings with the U.S. Securities and Exchange Commission, the company hoped to price its shares at $14 to $16 per share.
No Minnesota company has completed an IPO since Enteromedics Inc. and Virtual Radiologic Inc. completed theirs Nov. 14. Nationally, at least nine other companies in February have withdrawn proposed IPOs, citing market conditions including at least two other health care product companies and two pharmaceutical companies.
The offering was to be underwritten by Piper Jaffray, Thomas Weisel Partners, RBC Capital Markets, Canaccord Adams and BMO Capital Markets.
PATRICK KENNEDY
