Med tech firm Disc Dynamics shutting down
A decade-old medical technology startup called Disc Dynamics Inc. has closed its doors and is selling off its assets, according to reports.
The Eden Prairie-based company was developing a treatment for lower back pain, but never got its product approved by the U.S. Food and Drug Administration.
Former CEO Steven Healy left the firm last July to be CEO of Maple Grove-based Lumen Biomedical. Healy, the former president of St. Jude Medical Inc.’s Cardiac Surgery division, had been CEO since 2002.
Disc Dynamics’ Chief Financial Officer Keith Eastman couldn’t be reached for comment.
Three employees remain from the peak of 32 workers, including Eastman, who is managing the sale of the company’s assets, according to a report in the Minneapolis Star Tribune.
Disc Dynamics’ technology was designed to treat lower back problems by injecting a fluid into the spine through a catheter. The fluid then expands and gels inside the back to create an artificial nucleus for the disc.
The company raised about $65 million in venture capital over the years from a variety of investors including Eden Prairie-based Split Rock Partners and Fridley-based Medtronic Inc.