Entellus Medical Raises $35M in Venture Capital
Entellus Medical, Inc., which has developed treatments for chronic sinusitis, announced Wednesday that it has completed a $35 million round of financing.
The Maple Grove company said new investor Covidien Ventures of Mansfield, Massachusetts led the latest round, along with existing investors, Minneapolis-based Split Rock Partners, Boston-based SV Life Sciences, Palo Alto, California-based Essex Woodlands, and Owings Mills, Maryland-based Greenspring Associates.
Entellus will use the new funding for operations and to commercialize its products, which reopen blocked sinuses by expanding a small balloon inside the nasal passage. The company bills this approach as a cheaper, less invasive way to treat sinusitis, or severe chronic sinus infections. The procedure can be performed in a doctor's office.
“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 health care system and numerous benefits to the patients who suffer from chronic or recurring sinusitis,” Entellus President and CEO Brian Farley said in a statement.
According to Entellus, chronic sinusitis impacts approximately 37 million Americans and leads to surgical intervention in approximately 525,000 U.S. patients per year. The company claims its products have been demonstrated in clinical studies to safely reduce the symptoms of chronic and recurrent sinusitis sufferers.
Entellus Medical was founded in 2006 and has since raised several rounds of venture capital. Medical News Web site MedCity News reports the company has raised a total of $92 million, which includes this current round.