It says on their website, in version history, that the most recent version(4.0) was "Completely rewritten to incorporate Microsoft's .Net 4.0 technology and SQL server."
Found here: http://www.studyminder.com/details.html#versions
Considering .NET 4's status is "Known Not To Work", at the moment, I don't think this application will work properly(or at all).
I confirm that this application does not run with .NET 2.0