Intersect raises $30M for sinus treatment

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

ALSO: Gene Security Network has cloased a $12 million Series C financing. GSN is a molecular diagnostics company using data informatics to enhance genetic testing of DNA. Release

PLUS: Cappella has completed the first tranche of a $14.73 million Series D investment, from existing investors. Proceeds will be used to finance the expanded launch of Cappella's proprietary Sideguard Sidebranch stent for the treatment of Bifurcated Vascular Disease in Europe and South America, to provide additional manufacturing capacity and to advance key R&D programs in Galway on additional applications of Cappella's technology in Complex Coronary Artery Disease. Capella release