Vendor:Intersect ENT, Inc.

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Intersect ENT
Company typeSubsidiary
Nasdaq: XENT
IndustryMedical technology
Founded2003; 21 years ago (2003), Series A funding 2006[1]
FounderDon Eaton[1]
Headquarters
Menlo Park, California[2]
,
U.S.
Key people
Thomas A. West (president and CEO)[3]
ProductsPROPEL, PROPEL Mini, PROPEL Contour, SINUVA
RevenueIncrease $115 Million (2019)[4]
Number of employees
400
ParentMedtronic
Websiteintersectent.com

Intersect ENT, a subsidiary of Medtronic,[5] is a health care equipment company based in Menlo Park, California.[2] It manufactures drug-delivery devices used by Ear, Nose & Throat (ENT) clinicians in the treatment of sinusitis. Intersect ENT is best known for developing the first bioabsorbable drug-eluting sinus stent PROPEL, which delivers anti-inflammatory medication directly to the sinuses.[6] The company holds over 20 issued patents in the United States and more than 80 patents and patent applications worldwide.[7] The company was named on the Forbes list of America's Most Promising Companies and was also on the Fierce 15 list of Most Promising Companies in 2013.[8][9]

History

Intersect ENT was founded in 2003 by Don Eaton who conceived of the product over dinner with ENT surgeon, Mary Lynn Moran, MD.[9] The company received its Series A funding in 2006, prompting the hiring of a team to develop the product.[1] It was originally headquartered in Palo Alto, California, then moved to Menlo Park, CA in April 2012 to a new 32,000-foot facility.[2] The facility houses all of its business and manufacturing operations.[10]

Prior to the company becoming public, venture capital investors in the company include medical device company Medtronic Inc. and venture capital firms Kleiner Perkins Caufield & Byers, U.S. Venture Partners, PTV Sciences and Norwest Venture Partners. In 2013, it received $30 million in a series D round of financing led by Norwest Venture Partners, and included all named investors.[10] Intersect ENT announced that the funding would be used for commercial expansion of its PROPEL and PROPEL mini devices, as well as clinical studies for additional devices manufactured to add to the company's portfolio of drug-delivery products.[10]

In 2014, Intersect ENT went public on the NASDAQ with an offering of 5,750,000 shares of common stock. It began officially trading on July 24, 2014.[11][12]

In August 2021, Medtronic announced that it would acquire Intersect for $1.1 billion.[13] The acquisition completed in May 2022.[5]

Products

Intersect ENT develops products for Ear, Nose and Throat conditions as well as the treatment of sinusitis.[2] Its most known device is the Propel mometasone furoate implant that is used after sinus surgery to keep the sinus passageways open and aid in the healing process by delivering an anti-inflammatory steroid directly to the sinuses. The company began clinical trials of the device in 2011 with a double-blind pilot study,[14] and has completed three clinical studies in total. Intersect ENT received FDA pre-market approval for Propel in August 2011 and for a mini version in November 2012.[15][16] In 2014, it began clinical studies for its RESOLVE device, an in-office treatment for chronic sinusitis, designed to be an alternative to surgery and oral steroid pills.[17]

References

  1. ^ a b c Leuty, Ron (13 September 2011). "One-on-one with Intersect ENT's Lisa Earnhardt". San Francisco Business Journals. Retrieved 12 February 2014.
  2. ^ a b c d Leuty, Ron (17 April 2012). "Device maker IntersectENT grows with move to Menlo Park". San Francisco Business Journals. Retrieved 12 February 2014.
  3. ^ "Intersect ENT Management Team". www.intersectent.com. Retrieved 2019-07-31.
  4. ^ "Intersect ENT Reports Preliminary Full Year 2019 Revenue | Intersect ENT".
  5. ^ a b Christopher Snowbeck (13 May 2022). "Medtronic closes on deal to acquire Intersect ENT". Star Tribune.
  6. ^ Fink, Jennifer L.W. (December 2011). "Drug-Eluting Sinus Stent Hits the Market: May help maintain patency after FESS". ENT Today. Retrieved 12 February 2014.
  7. ^ "About Us – Intersect ENT". Intersect ENT. Retrieved 12 February 2014.
  8. ^ "Intersect ENT – 2013 Fierce 15". Fierce Medical Devices. 15 October 2013. Retrieved 12 February 2014.
  9. ^ a b "America's Most Promising Companies". Forbes. January 2014. Retrieved 12 February 2014.
  10. ^ a b c Empson, Rip (25 February 2013). "Intersect ENT Lands $30M From Norwest, Kleiner, USVP & More For Its Innovative Sinus Drug & Device Combo". Tech Crunch. Retrieved 12 February 2014.
  11. ^ Leuty, Ron (24 July 2014). "Intersect ENT prices its IPO low as biotech offerings start to wobble". San Francisco Business Journals. Retrieved 1 August 2014.
  12. ^ Schubarth, Cromwell (28 July 2014). "4 Bay Area biotech IPOs this week: Atara, Avalanche, Tobira and Zosano". Silicon Valley Business Journal. Retrieved 1 August 2014.
  13. ^ "Medtronic to acquire Intersect ENT in $1.1B deal". Massdevice.com. 2021-08-06. Retrieved 2021-08-07.
  14. ^ Murr, Andrew H.; Smith, Timothy L.; Hwang, Peter H.; Bhattacharyya, Neil; Lanier, Brent J.; Stambaugh, James W.; Mugglin, Andrew S. (2011). "Safety and efficacy of a novel bioabsorbable, steroid-eluting sinus stent". International Forum of Allergy & Rhinology. 1 (1): 23–32. doi:10.1002/alr.20020. PMID 22287304. S2CID 205337288.
  15. ^ Fink, Jennifer L. W. (December 2011). "Drug-Eluting Sinus Stent Hits the Market: May help maintain patency after FESS". ENT Today. Retrieved 12 February 2014.
  16. ^ Pedersen, Amanda (22 August 2011). "NewCo on the block: Intersect ENT wins PMA for drug-releasing implant". Medical Device Daily. Retrieved 12 February 2014.
  17. ^ Alexander, Lindsey (14 January 2014). "Medtronic-backed Intersect ENT finalizes enrollment for third chronic sinusitis solution". Med City News. Retrieved 12 February 2014.

Notes

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