Intersect ENT Inc. completed a $30 million funding round, the company said.
Fridley, Minn.-based medical device giant Medtronic Inc. (NYSE:MDT) joined existing investors PTV Sciences, Kleiner Perkins Caufield & Byers and U.S. Venture Partners in the financing round that the company intends to use for the commercialization of its first product, a drug-eluting stent-based treatment for chronic sinusitus. Intersect ENT is developing surgical products for other ear, nose and throat ailments, which the funding will also support, according to a press release.
Medtronic ENT/neurologic technologies division president Mark Fletcher joined Intersect ENT’s board as part of the deal.
Intersect also announced that its first clinical trial was recognized with the Maurice H. Cottle Award for Clinical Science Research by the American Rhinologic Society. The Palo Alto, Calif.-based company said the study demonstrated that its stent improved post-operative healing by reducing the occurrence of adhesions, inflammation and polyposis.
The company raised $20 million (PDF) in a June 2008 Series B round lead by PTV.