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

February 25, 2013 by Brad Perriello

Medtronic once again joins a $30 million funding round for Intersect Medical and its Propel sinus implants.

Intersect ENT

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.

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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.