Mysterious Minnesota biotech firm Rotation Medical Inc. raised nearly $3.9 million from an equity sale, according to a regulatory filing.
That brings the company’s total funding to $9 million after adding the new investment to amounts that the company has previously reported in documents filed with the Securities & Exchange Commission. Besides the new funding, at least one other thing has changed with the company since its most recent regulatory filing in September — its name.
Rotation was previously known as Denali Medical Inc. Since the company has evidently never maintained a website 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 seems to be in stealth mode as it develops its technology — whatever it is.
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 revenues, according to the regulatory filing. The $3.9 million round came from four investors, with the first sale occurring March 5. Thomas Westling is listed as Rotation’s CEO and president.
Former Medtronic Inc. (NYSE:MDT) executive Michael DeMane is listed as one of Rotation’s directors. DeMane joined venture capital firm Thomas, McNerney & Partners last year. 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.
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.