California device maker Intersect ENT (NSDQ:XENT) announced this week that it enrolled the 1st patient in its PROGRESS clinical trial, evaluating the company’s Propel Mini sinus implant for treatment of frontal sinusitis.
The device, already approved for treatment in the ethmoid sinuses behind the bridge of the nose, is used in conjunction with sinus surgery to treat symptoms of chronic sinusitis. The implant helps keep airways open and elutes anti-inflammatory drugs directly to the sinus lining over the course of 30 days.
The company is making fast progress, having just launched a successful initial public offering and announced doubled year-over-year revenues during its 2nd quarter of 2014.
For the 3 months ended June 30, Intersect reported losses of $4.4 million, or $2.36 per share, on sales of $8.6 million. That compared with losses of $4.9 million, or $3.69 per share, on sales of $3.9 million during the same period last year.
Since the IPO, XENT shares have gained nearly 19%. The stock closed last night at $15.31, down 1.4% on the day.