Intersect ENT, a US-based producer of medical implants that prevent chronic sinusitis after nasal surgery, filed for an $80m initial public offering on Nasdaq on Monday.
Intersect ENT plans to use $10m of the proceeds from the IPO to fund Phase 3 clinical trials of a steroid-eluting implant for refactory disease, and preclinical development of another implant, with the rest to go to sales, marketing, working capital and general corporate purposes.
Shareholders in the company include medical device manufacturer Medtronic, which first invested in Intersect ENT in its 2011 series C round, which raised $30m. It now holds a 6.8% share.
Norwest Venture Partners, the venture capital firm backed by bank Wells Fargo, led the company’s $30m series D round in March 2013 and now holds a 12.8% stake.
Other notable shareholders are VC firms U.S. Venture Partners (22.7%), Kleiner Perkins Caufield & Byers (20.3%) and PTV Sciences (14.7%).
Intersect ENT, which has raised about $86m in funding since it was founded in 2003, made an $18.4m loss in 2013 from revenues of $17.9m.
J.P. Morgan and Piper Jaffray are the joint bookrunners for the offering, and the underwriters also include Leerink Partners and Wedbush Securities.