Rotation Medical Raises $8 Million
Plymouth-based Rotation Medical Inc. has raised $8 million in a new round of financing, according to a Tuesday filing with the U.S. Securities and Exchange Commission.
The company’s Rotation Medical Rotator Cuff Repair System treats rotator cuff disease with it’s a unique implant that helps the body grow new tendon-like tissue. The product secured approval from the U.S. Food and Drug Administration in 2014. In the new filing, Rotation Medical declined to disclose its revenue.
The company has a solid track record of attracting investors. In July 2014, the company announced that it had raised $27.2 million in Series B financing to support the commercial launch and post-market clinical studies of its product. Including its latest round, SEC filings indicate that Rotation Medical has raised about $49 million since 2010.
Martha Shadan, an executive with extensive experience in the medial device industry, joined Rotation Medical as its president and CEO in 2013. Shadan could not be reached for comment.
In July Golden Valley-based Medical Alley Association announced that 64 Minnesota medical companies had raised $227 million during the first six months of the year, which marked a new high for that period since the association began compiling the data in 2009.
Brooklyn Park-based CVRx Inc. announced on Tuesday that it had raised a total of $113 million in its latest round of financing: $93 million in venture capital and $20 million in debt. An SEC filing in June indicated at that time that CVRx had already raised $46.5 million towards a goal of $85 million.
Minneapolis-based medical device company Tactile Systems Technology Inc. went public on July 28, offering 4 million shares at $10 per share. In its first two weeks of trading, the stock has been up. It closed at $14.09 per share on Tuesday. Tactile marked the first Minnesota company to go public since Plymouth-based Entellus Medical Inc.’s IPO in January 2015.