Xamarin Studio for Mac won't launch at all

Hello all,

I have Xamarin Studio 5.9.4.12 installed on my iMac running OS X El Capitan Developer Beta 3. It won't launch at all. I see it bouncing in the dock for a while, after which it stops and just stays there (it's not pinned to the dock). Activity Monitor sees it using about 60% of CPU for an extended period of time until I get fed up and force quit it. What I tried:

1. Removing and re-installing Xcode 7 as 6 will refuse to open on this version of OS X.
2. Removing and re-installing Xamarin.iOS and Xamarin Studio.
3. Disabling rootless.

Nothing has fixed my problem. I would appreciate some help and would be glad to provide further information.

Thanks.