The struggling Minnesota company made a last-ditch effort to complete the eMESH 1 trial of the eSVS Mesh device for coronary artery bypass graft surgery, but the firm, founded by device sector luminary Manny Villafana, has decided to give it up after the early results from the trial proved disappointing.

The company is downsizing to keep its clinical trial for its eSVS Mesh product on track. It estimates it currently has enough funds to last it through the year, but cautions it may take months to gather patient follow-up data.

Derived from Strategic Transactions, Elsevier Business Intelligence’s premium source for tracking life sciences deal activity, the Dealmaking column is a survey of recent health care transactions listed by relevant industry segment –In Vitro Diagnostics, Medical Devices, and Pharmaceuticals – and then categorized by type –Acquisition, Alliance, or Financing.

Derived from Strategic Transactions, Elsevier Business Intelligence’s premium source for tracking life sciences deal activity, the Medical Device Deals Update column is a survey of recent medtech M&A, Alliance, and Financing activity.