Entellus Medical, a US-based medical device maker backed by healthcare equipment producer Covidien, has filed for an initial public offering that could raise up to $69m.
Entellus is developing devices to treat nasal disease sinusitis. Proceeds from the IPO will go to product development, clinical research, sales and marketing.
Covidien holds a 7.3% stake in Entellus through its Covidien Ventures unit, having led the company’s $35m series E round in 2011.
Essex Woodlands Healthcare Ventures is Entellus’ largest shareholder with a 26.5% stake, followed by SV Life Sciences (24.3%) and Split Rock Partners (21.5%).
Entellus has already raised $92m in funding according to SEC filings, and its other investors include Greenspring Associates.
BofA Merrill Lynch and Piper Jaffray have been appointed joint book-running managers for the offering, while William Blair and Canaccord Genuity are the co-managers.