Well, look at it this way: you are giving it 275mA, and it's putting out 75mW of light. It's probably running at around 4.3V or something like that, meaning that you are inputting 1182.5mW of power and getting out 75mW. So you are losing 1.1W to heat. Now, consider... an LOC for example. If you put in 420mA at 3V to it, you can probably expect it to output at least 250mW. However, your input is 1260mW of power, so you are only losing 1.01W in this case. However, note that, you always need a heatsink for an LOC, especially at those currents. The same should theoretically be true of a 445 - just because the current is low doesn't mean it needs less heatsinking. Because it's near threshold, it is actually extraordinarily inefficient at those currents.