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

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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