Entellus Medical Inc. Completes Series E Financing Totaling $35 Million
Entellus Medical Inc. Completes Series E Financing Totaling $35 Million
Maple Grove, MN – August 17, 2011. Entellus Medical Inc., a medical device company that markets minimally invasive solutions for treatment of patients with chronic sinusitis, today announced the completion of a $35 million round of fund raising. The new financing was led by Covidien Ventures, who joined existing investors SV Life Sciences, Essex Woodlands, Split Rock Partners, and Greenspring Associates. Proceeds from the financing will be used to fund the company’s ongoing operations and commercialization of Entellus’ multiple product lines, which are used by Ear, Nose, & Throat (ENT) physicians to dilate narrowed or obstructed sinus drainage pathways.
Chronic sinusitis impacts approximately 37 million Americans and leads to surgical intervention in approximately 525,000 U.S. patients per year. Entellus Medical products employ balloon technology to open sinus drainage paths and have been demonstrated in clinical studies to safely reduce the symptoms of chronic and recurrent sinusitis sufferers. Entellus products have also been proven to reduce absenteeism of these patients while also improving work productivity.
The company’s product lines include the XprESS multi-sinus dilation tool, which offers ENT physicians an easy-to-use, cost-effective tool to trans-nasally treat the frontal, sphenoid or maxillary sinuses in either a doctor’s office or operating room. The company’s FinESS product line is uniquely designed for use in a doctor’s office and enables ENT physicians to directly visualize and dilate the drainage path from the maxillary sinus. The maxillary sinus is the most common sinus that undergoes surgical intervention. A study published in 2011 showed that the FinESS procedure performed in a doctor’s office was safe, well-tolerated by patients and provided long-term relief of sinus-related symptoms.
The procedures in which Entellus products are exclusively used are covered by many health insurance plans which together constitute approximately 150 million covered lives in the U.S. When performed in the doctor’s office, these procedures are less costly to the healthcare system than traditional endoscopic sinus surgery performed in hospital or surgicenter operating rooms.
According to Brian Farley, President and CEO of Entellus Medical, “The recent financing led by Covidien Ventures, along with the strong support of our existing investors, provides Entellus the capital necessary to substantially grow our business while providing significant savings to the healthcare system and numerous benefits to the patients who suffer from chronic or recurring sinusitis.”
About Entellus Medical
Entellus Medical (www.entellusmedical.com) provides complete solutions for the minimally invasive treatment of chronic and recurrent sinusitis patients and is leading the way with easy-to-use, cost-effective products designed for office-based balloon dilation of narrowed sinus pathways. With this approach, Entellus sinus dilation products also provide significant efficiency and cost-effectiveness for sinus dilation procedures performed in operating rooms.
