Intersect ENT, a medical device manufacturer based in Menlo Park, California, announced that it was able to successfully raise $30 million in a Series D funding round. The latest round was led by Norwest Venture Partners and included Medtronic, PTV Sciences, U.S. Venture Partners and Kleiner, Perkins, Caufield & Byers.
In November of 2010, Intersect ENT was also able to raise $30 million in funds. The earlier financing round included Medtronic too.
The company plans to use funds from the latest round to continue the commercialization of its Propel sinus implants in the United States. In addition, the company will use funding from the round to pursue clinical studies of its office-based treatment technology for patients suffering from chronic sinusitis.
Lisa Earnhardt is the CEO and president of Intersect ENT. In prepared remarks, she said, "We are excited to add Norwest Venture Partners as a new investor and are grateful for the continued support of our existing investors in this round." She continued, "We see the difference our products have made in patients' lives every day and that is what drives us to innovate. Our goal is to improve the quality of life for millions of chronic sinusitis sufferers."
Intersect ENT is currently conducting a clinical trial, dubbed Resolve, to determine the efficacy of its steroid delivery implant in treating patients suffering from chronic sinusitis. The implant is inserted into a patient during a traditional visit to a doctor. There is no need for surgical insertion of the device; instead, the insertion can take place in a traditional healthcare environment. The implant is designed to elute mometasone furoate, an anti-inflammatory steroid.