Entellus Medical said yesterday that it plans to put nearly 4.4 million shares on the public markets by the end of the month as it readies its initial public offering.
Plymouth, Minn.-based Entellus said it plans to float 4.375 million shares at $15 to $17 each in the IPO, for a midpoint of $70 million.
The medical device company plans to trade on the NASDAQ exchange under the symbol "ENTL," according to a regulatory filing.
Entellus, founded in 2006, makes a family of minimally invasive balloon device products under the XprESS name that are designed to treat blocked sinuses. Chairman & CEO Brian Farley has been in the corner office since March 2010, according to the filing, and previously ran VNUS Medical Technologies, which Covidien (NYSE:COV) snatched up in 2009.
President & COO Robert White ran Tyrx, a maker of an infection control envelope for implants that Medtronic (NYSE:MDT) bought earlier this year. White joined Entellus in November 2014.
Entellus was the last medtech IPO to be announced in 2014, when public flotations in the medical device sector roared back to life.
As of Sept. 30, Entellus said it had 102 people in its U.S. sales force on its 114-employee workforce. The company said it plans to use the IPO proceeds to expand its U.S. direct sales and marketing organization to boost further physician use and adoption of its XprESS products.
Entellus booked sales close to $34.4 million in the first 9 months of 2014, up 57.3% over the same period in 2013. Total sales that year rose 85.3% to $32.5 million compared with 2012. Net losses during the 1st 3 quarters last year were -$5.7 million, down 49.0% from the prior-year period. Full-year losses for 2013 were -$13.4 million, down 56.7% from 2012.
