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Medtronic Adds to Intersect ENT's $30M Series D Round

Mon, 02/25/2013 - 12:52pm
Mass Device

Medtronic once again joins a $30 million funding round for Intersect Medical and its Propel sinus implants.

Intersect ENTMedtronic

Medtronic (NYSE:MDT) is once again backing sinus implant developer Intersect ENT, this time in a $30 million Series D round led by new investor Norwest Venture Partners.

All of Intersect's existing "significant" backers participated in the latest round, including Kleiner Perkins Caufield & Byers, U.S. Venture Partners, PTV Sciences and Medtronic, according to a press release.

Menlo Park, Calif.-based Intersect, which is developing the Propel sinus implant to treat chronic sinusitis, drummed up $30 million in November 2010. Medtronic also participated in that round.

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