Intersect ENT
| Company type | Subsidiary |
|---|---|
| Industry | Medical devices |
| Founded | 2003 |
| Founder | Don Eaton, Mary Lynn Moran, MD |
| Headquarters | Menlo Park , United States |
| Products | PROPEL sinus implant, PROPEL mini, RESOLVE device |
| Owner | Medtronic |
| Parent | Medtronic |
Intersect ENT, a Medtronic subsidiary, operates as a medical device manufacturer based in Menlo Park, California. The company focuses on developing drug-delivery technologies specifically for Ear, Nose & Throat (ENT) specialists managing sinusitis. It is recognized for pioneering the PROPEL implant, the first bioabsorbable drug-eluting sinus stent that administers anti-inflammatory medication directly to the sinus cavities. Intersect ENT holds an extensive intellectual property portfolio, including over 20 patents granted in the United States and more than 80 patents and applications internationally. In 2013, the firm earned accolades by featuring on Forbes list of America's Most Promising Companies as well as the Fierce 15 ranking of emerging companies.
History
Established in 2003 by entrepreneur Don Eaton alongside ENT surgeon Mary Lynn Moran, MD, Intersect ENT began with the development of its core concept. The company secured its initial Series A financing round in 2006, which facilitated the formation of a dedicated development team. Originally located in Palo Alto, California, Intersect ENT moved to a consolidated 32,000-square-foot facility in Menlo Park, California in 2012 to unify its manufacturing and business functions.
Prior to its public offering, the company attracted venture capital backing from prominent investors such as Medtronic Inc., Kleiner Perkins Caufield & Byers, U.S. Venture Partners, PTV Sciences, and Norwest Venture Partners. In 2013, a $30 million Series D funding round led by Norwest Venture Partners was completed to accelerate commercial distribution of the PROPEL and PROPEL mini devices and to finance clinical trials for additional drug-delivery products.
Intersect ENT launched its initial public offering on the NASDAQ stock exchange in 2014, issuing 5.75 million shares and commencing trading on July 24.
In a major corporate development, Medtronic announced its intent to acquire Intersect ENT for $1.1 billion in August 2021; the acquisition finalized in May 2022, representing a significant step in expanding Medtronic’s portfolio and Intersect ENT’s global market presence.
Products
The company’s product line targets Ear, Nose, and Throat disorders with an emphasis on treating sinusitis. Its leading product is the Propel mometasone furoate implant, engineered to keep sinus passageways open following surgery by delivering localized anti-inflammatory corticosteroids. Clinical evaluation began with a double-blind pilot study in 2011 and has since included three completed clinical trials. The U.S. Food and Drug Administration granted pre-market approval for Propel in August 2011 and subsequently approved a smaller version in November 2012.
In 2014, Intersect ENT commenced clinical investigations for the RESOLVE device, designed as an office-based therapeutic option for chronic sinusitis patients seeking alternatives to systemic steroid treatments. These product developments align with the company’s strategic focus on expanding its ENT portfolio through minimally invasive technologies that enhance patient outcomes and market competitiveness.