Intersect ENT said today that it hopes to raise as much as $65 million in an initial public offering of 5 million shares.

Intersect, which makes drug-eluting devices designed to treat ear, nose & throat conditions, said it plans to price the shares at $11 to $13 apiece, meaning the offering could raise between $55 million and $65 million.

At the midpoint of that range the Medtronic-backed (NYSE:MDT) company would command a market capitalization of roughly $291 million, according to a regulatory filing. Medtronic participated in Intersect’s $30 million Series D round in February 2013 and in an earlier, $30 million round in November 2010.

Menlo Park, Calif.-based Intersect won FDA approval for its Propel implant in August 2011. The device was the 1st of a new category of devices offering localized, controlled steroid delivery directly to sinus tissue. The Propel implants prop open a patient’s sinus in order to gradually deliver an advanced steroid with anti-inflammatory properties directly to the sinus lining before dissolving into the body over time. In 2012 the company won FDA approval for the Propel mini implant, a smaller version of the original Propel device, designed for patients who need less extensive surgery or who have a smaller anatomy.

The company reported sales of $17.9 million in 2013, more than 200% higher than the $5.9 million reported in 2012. Losses widened 12% year-over-year to $18.4 million, but per-share losses shrank by 23% to $3.14. In the most recent quarter Intersect notched $7.5 million in revenue, a 173% bump year-over-year. Losses narrowed 7.2% to $4.4 million and per-share losses shrank by nearly half, coming in at 62¢.