Drug-eluting devices maker Intersect ENT hopes to raise as much as $80 million in a newly registered initial public offering, according to SEC documents filed this week.
Intersect has yet to detail pricing or the number of shares it’ll offer, but said it hopes to use the funds to support clinical trials and additional research & development. The company may also look for some strategic acquisitions, but noted that there were no targets in its sights as of yet.
The Menlo Park, Calif.-based device maker in August 2011 won FDA approval for its Propel implant, which was the 1st of a new category of devices offering localized, controlled steroid delivery directly to sinus tissue. The Propel implants prop open a patient’s sinus in order to gradually deliver an advanced steroid with anti-inflammatory properties directly to the sinus lining before dissolving into the body over time.
Intersect in 2012 won FDA approval for the Propel mini implant, a smaller version of the original Propel device, designed for patients who need less extensive surgery or who have a smaller anatomy.
Intersect has tallied some significant revenue growth over the past year with the introduction of its Propel mini, which extends its treatable patient population, and with efforts to ramp up the scale of its commercial operations.
The company reported $17.9 million in revenue in 2013, more than 200% higher than the $5.9 million reported in 2012. Losses widened 12% year-over-year to $18.4 million, but per-share losses shrank by 23% to $3.14. In the most recent quarter Intersect notched $7.5 million in revenue, a 173% bump year-over-year. Losses narrowed 7.2% to $4.4 million and per-share losses shrank by nearly half, coming in at 62¢.
The device maker has won financial backing from Medtronic (NYSE:MDT) on more than one occasion, most recently reported in Intersect’s $30 million Series D round in February 2013. Medtronic also participated in when Intersect drummed up $30 million in November 2010.