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Rotation Medical raises $10 million, seeks another $5 million

10:40 am by | 0 Comments

Rotation Medical, a Plymouth, Minnesota-based company, is a bit of a chameleon. The company has changed names, and in a recent regulatory filing, showed that it is no longer a biotech company. Now it’s simply “other healthcare.”

Still, raising money hasn’t been a problem. The April 14 filing shows that the company has raised $10 million of the $15 million it intends to raise. Rotation is led by Thomas Westling. A call to his office was received by his assistant who said he was not in town. Based on its filings with the U.S. Securities & Exchange Commission, the company appears to have raised nearly $19 million since 2007.

In its previous incarnation as Denali Medical, the company was led by Thomas Hektner, a co-founder of StarFire Medical, a manufacturer of implantable devices for neurovascular disease that was acquired in 2008 by Palo Alto, California-based Nfocus Neuromedical. Hektner, who is on the company’s board, was apparently also traveling.

What the company does is a mystery. Hektner, who founded the company, has remained very quiet over the years.

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The company’s board members include John Nehra, special partner with venture capital firm NEA; Michael DeMane, a former COO at Medtronic and now the chief executive at Nevro Inc., a company that treats chronic back pain; and Albert Graf, formerly the president of Guidant Corp. and now a venture partner at NEA.

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Arundhati Parmar

By Arundhati Parmar

Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.
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