Intersect ENT, Inc., a Menlo Park, Calif.-based developer of treatment solutions for ear, nose and throat clinicians and their patients, completed the the initial closing of a $30m Series D funding.
The round was led by new investor Norwest Venture Partners (NVP), with participation from existing investors Kleiner Perkins Caufield & Byers, U.S. Venture Partners, PTV Sciences and Medtronic.
The company intends to use the capital to continue the commercial expansion in the United States for its PROPEL™ and PROPEL™ mini sinus implants and to fund clinical studies of its latest product, an office-based treatment for chronic sinusitis sufferers.
Led by Lisa Earnhardt, President and CEO, Intersect ENT develops a local drug delivery platform focusing on advancing clinically proven therapy solutions that improve quality of life for patients with ear, nose and throat conditions. The company’s initial products, the PROPEL and PROPEL mini dissolvable steroid-releasing implants, are backed by Level 1-A clinical evidence to improve sinus surgery outcomes for patients suffering from chronic sinusitis.
Intersect ENT recently initiated RESOLVE, a multi-center clinical trial to study the use of the its newest steroid delivery implant for patients with chronic sinusitis. The new product is placed during a routine physician office visit as an alternative to revision sinus surgery for patients with recurrent sinus obstruction. It releases mometasone furoate, an advanced steroid with anti-inflammatory properties, directly into the sinus lining to resolve inflammation.
In conjunction with the funding, Casper de Clercq, partner at Norwest Venture Partners, joined the company’s Board.