Transoma Medical (St. Paul, Minnesota) reported that it has filed a registration statement with the Securities and Exchange Commission for a proposed IPO of its common stock up to $75 million.

The number of shares to be offered and the price range for the offering have not yet been determined. The proposed offering will include shares sold by Transoma and by certain of its stockholders.

Transoma develops implantable, subcutaneous, wireless diagnostic and monitoring products, and says that it is focused on two distinct markets: the chronic cardiovascular disease (CVD) market, through its Patient Management Device (PMD) division, and the biomedical research market, through its Data Sciences International (DSI) division.

Transoma’s PMD division develops implantable, ambulatory monitoring systems that provide vital signs information for diagnosing various forms of CVD and for optimizing drug, interventional, surgical and device treatment alternatives.

The company says that its first PMD division product, the Sleuth Implantable ECG monitoring system (Sleuth ECG), is designed to capture, record, analyze and wirelessly transmit clinically relevant ECG data while minimizing the need for patient compliance and physician interaction. It received FDDA 510(k) clearance on Oct. 1 for monitoring patients with clinical syndromes or situations at increased risk of cardiac arrhythmias and patients who experience transient symptoms that may suggest a cardiac arrhythmia.

Transoma’s DSI division is a supplier of wireless, physiologic monitoring equipment and a supplier of related data acquisition and analysis products used in biomedical research, including in preclinical drug discovery and development.

The company said it intends to use the net IPO proceeds for working capital and general corporate purposes, and for potential acquisitions of businesses, technologies and products.

In its filing, the company said that it has not been profitable and has incurred net losses in each quarter since FY02, the year that it raised net proceeds of about $11.9 million in a private financing to commercialize its wireless, implantable technology as a diagnostic tool for patients with chronic cardiovascular disease. It incurred net losses of $2.2 million, $4.2 million and $9.1 million, respectively, for its fiscal years ended June 30, 2005, 2006 and 2007.

The company said it expects to incur significant sales and marketing and manufacturing expenses as it continues to commercialize the Sleuth ECG, and additional development expenses as it seeks to invest in its DSI product line and commercialize future PMD products. It said it also expects to incur significant losses “for the foreseeable future.”

The company plans to file for listing of its stock on the NASDAQ Global Market under the symbol TSMA.

Piper Jaffray & Co. is acting as book-running manager, Thomas Weisel Partners is acting as joint-lead manager, and RBC Capital Markets, Canaccord Adams and BMO Capital Markets are acting as offering co-managers.

In other financing news: Biomedical diagnostics company ThromboVision (Houston) said it has been awarded $1.5 million from the Texas Emerging Technology Fund (ETF) to foster commercialization of its ThromboGuide platelet function monitor (T-Guide).

“Added to private funds we have raised, the ETF moneys will let us add the staff needed to complete development of the commercial model; fund clinical trials at multiple locations; develop our manufacturing processes and ramp-up manufacturing, and launch the commercial T-Guide product,” said Edward Teitel, MD, president/CEO of ThromboVision. “The people of Texas benefit as we create professional and skilled jobs. It’s tax money supporting Texans,” he added.

The T-Guide is a risk assessment/risk modification platelet function blood test that consists of a disposable test kit and a point-of-care base unit. The system is designed to help physicians individualize antiplatelet therapy used to prevent heart attacks, strokes and stent occlusions.

ThromboVision has licensed the technology developed by scientists affiliated with the Utah Artificial Heart Research Institute (Salt Lake City), Brigham Young University (Provo, Utah) and the University of Utah (Salt Lake City).