Mysterious Minnesota biotech firm Rotation Medical Inc. has recently raised nearly $3.9 million in equity, according to a Securities and Exchange Commission filing.
That brings the company’s total funding to $9 million after adding the new investment to amounts that the company had previously reported in documents filed with the regulatory agency. Besides the new funding, at least one other thing has changed with the company since its most recent filing in September–its name.
Rotation was previously known as Denali Medical Inc. Since the company has evidently never maintained a Web site in either of its incarnations, it’s difficult to know much about Rotation besides what’s contained in its regulatory filings. And that’s probably just what the company wants. Rotation is likely in stealth mode as it develops its technology–whatever that is.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Rotation was founded 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, Calif.-based Nfocus Neuromedical. Hektner didn’t immediately return a call.
Hektner declined to provide details about his latest venture last year when contacted by the Minneapolis-St. Paul Business Journal. At the time, Hektner described his company as a “small incubator focused on the medical technology market.”
Rotation was incorporated in 2006 and has no revenue, according to the regulatory filing. The $3.9 million fundraise came from four investors, with the first sale occurring on March 5. Thomas A. Westling is listed as Rotation’s chief executive and president.
Former Medtronic executive Michael DeMane is listed as one of Rotation’s directors. DeMane last year joined venture capital firm Thomas, McNerney & Partners. Jay Graf, John Nehra and Dr. Ali Behbahani of venture firm New Enterprise Associates are also listed as directors. DeMane and Nehra didn’t immediately return calls.
So it’s probably safe to say Rotation is developing some sort of medical device and has received financial backing from Thomas, McNerney & Partners and New Enterprise Associates. We may not know anything beyond that until Hektner and his cohorts decide to talk.
Photo from flickr user wellohorld
