Transoma Cancels IPO

Transoma Medical Inc., a St. Paul, Minn.-based maker of implantable wireless vital sign monitors, has withdrawn its IPO. It had previously postponed the offering, due to unfavorable market conditions. Transoma had planned to price four million common shares at between $14 and $16 per share, which could have given it an initial market cap of up to $290 million.

Transoma filed to trade on the Nasdaq under ticker symbol TSMA, with Piper Jaffray and Thomas Weisel Partners serving as co-lead underwriters. Transoma has raised just over $38 million in total VC funding, from firms like Polaris Venture Partners (24.47% pre-IPO stake), Canaan Partners (20%), Affinity Capital Management and Cross Creek Capital. www.transomamedical.com