Transoma Medical Inc., a St. Paul, Minn.-based maker of implantable wireless vital sign monitors, has postponed its IPO due to unforable market conditions. The company had registered to offer four million common shares at between $14 and $16 per share. It would have an initial market cap of approximately $290 million, were it to price at the high end of its range.
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.