Medtronic adds to Intersect ENT’s $30M Series D round

Intersect ENT
Medtronic

Medtronic (NYSE:MDT) is once again backing sinus implant developer Intersect ENT, this time in a $30 million Series D round led by new investor Norwest Venture Partners.

All of Intersect’s existing "significant" backers participated in the latest round, including Kleiner Perkins Caufield & Byers, U.S. Venture Partners, PTV Sciences and Medtronic, according to a press release.

Menlo Park, Calif.-based Intersect, which is developing the Propel sinus implant to treat chronic sinusitis, drummed up $30 million in November 2010. Medtronic also participated in that round.

Intersect said it plans to use the proceeds to "continue the rapid commercial expansion in the United States for the company’s Propel and Propel mini sinus implants and to fund clinical studies of the company’s latest product, an office-based treatment for chronic sinusitis sufferers," according to the release.

"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," president & CEO Lisa Earnhardt said in prepared remarks. "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 is running a clinical trial called Resolve to evaluate its steroid delivery implant for patients with chronic sinusitis, placed during a routine physician office visit unlike the operating room setting required for the Propel implants. All 3 devices release the drug mometasone furoate, an anti-inflammatory steroid, directly into the sinus lining.

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