Palo Alto, CA-based Intersect ENT has raised $30 million with the help of new investor Medtronic and existing investors PTV Sciences, Kleiner Perkins Caufield & Byers and U.S. Venture Partners. The company is testing a bioabsorbable drug-eluting stent for patients with chronic sinusitis. The company plans to use the funding to commercialize its initial product and build a pipeline of products for conditions treated by ear, nose and throat surgeons.
In a release, Intersect said it also presented its first clinical trial data at the American Rhinologic Society meeting. The data showed that Intersect's drug-eluting stent improved wound healing in the post-operative period by reducing the occurrence of adhesions, inflammation and polyposis.
"Medtronic is the industry leader in ENT and Mark's expertise and counsel will help us advance treatment options for patients," said Intersect ENT CEO Lisa Earnhardt. "Our goal is to improve quality of life for the tens of millions of sinus sufferers. We are excited about taking one more step to making this a reality."
- here's the Intersect release
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