Intersect ENT
Medical-device company known for bioabsorbable, drug-delivering implants and treatments for chronic sinus disease.
Last updated August 26, 2026
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Overview
Intersect ENT is a United States medical-device company focused on products for ear, nose and throat specialists, particularly the surgical and nonsurgical treatment of chronic sinusitis and related inflammatory conditions. The company became best known for PROPEL, a bioabsorbable sinus implant designed to deliver the corticosteroid mometasone furoate directly inside the sinus following endoscopic sinus surgery. By combining temporary structural support with localized drug delivery, the product was intended to help maintain sinus passageways, reduce inflammation and support postoperative healing while gradually dissolving rather than requiring a second procedure for removal. The company originated in 2003 when Don Eaton developed the product concept after a discussion with otolaryngologist Mary Lynn Moran, MD. Series A financing in 2006 enabled Intersect ENT to assemble a product-development team and advance the technology toward clinical testing and regulatory review. The business was initially based in Palo Alto, California, before moving its headquarters and manufacturing operations to a 32,000-square-foot facility in Menlo Park in April 2012. Intersect ENT’s principal commercial platform included PROPEL and the smaller PROPEL Mini version, which was designed for use in narrower sinus anatomy and additional postoperative applications. The company also developed SINUVA, a steroid-releasing implant intended for use in adults with recurrent nasal polyps after prior ethmoid sinus surgery. In addition, it pursued RESOLVE, an in-office treatment concept for chronic sinusitis intended to provide an alternative or supplement to conventional surgery and systemic oral steroid treatment. These products reflected the company’s broader strategy of developing localized drug-delivery systems for ENT care rather than relying solely on traditional instruments or orally administered medication. Intersect ENT attracted venture investment from Medtronic and several specialist investment firms, including Kleiner Perkins Caufield & Byers, U.S. Venture Partners, PTV Sciences and Norwest Venture Partners. A 2013 Series D financing round raised $30 million for commercial expansion of PROPEL and PROPEL Mini and for clinical work on additional products. The company went public on the Nasdaq in July 2014 under the symbol XENT, offering 5,750,000 shares of common stock. Its technology and growth prospects also led to recognition in Forbes’ list of America’s Most Promising Companies and on Fierce 15’s list of promising companies in 2013. Medtronic announced an agreement to acquire Intersect ENT in August 2021 for approximately $1.1 billion, subject to transaction conditions. The acquisition was completed in May 2022, bringing Intersect ENT’s sinus-care products into Medtronic’s broader medical-technology portfolio. Intersect ENT therefore remains an active product and technology business associated with ENT care, but it is no longer an independent publicly traded company. Its historical identity is principally associated with localized corticosteroid delivery, bioabsorbable sinus implants and specialist products for managing postoperative inflammation and recurrent sinus disease.
History
Intersect ENT was founded in 2003 by Don Eaton, who developed the initial product concept in conversation with ENT surgeon Mary Lynn Moran, MD. The company’s objective was to create a device capable of delivering anti-inflammatory medicine directly to the sinus cavity after surgery. Its first major financing milestone came in 2006, when Series A investment supported the recruitment of a development team and the transition from concept development toward clinical and regulatory work. The company initially operated from Palo Alto, California. In April 2012 it relocated to Menlo Park, where it established a 32,000-square-foot facility containing its business and manufacturing operations. During its independent years, Intersect ENT received backing from a combination of strategic and venture investors, including Medtronic, Kleiner Perkins Caufield & Byers, U.S. Venture Partners, PTV Sciences and Norwest Venture Partners. A $30 million Series D round in 2013 was intended to fund commercial growth of its PROPEL products and clinical studies for new drug-delivery technologies. Intersect ENT’s principal innovation was PROPEL, described as the first bioabsorbable drug-eluting sinus stent. The implant combines temporary support of the sinus passage with delivery of mometasone furoate, a corticosteroid, directly to the treatment site. The company began clinical investigation of the device in 2011 through a double-blind pilot study and subsequently completed three clinical studies. The U.S. Food and Drug Administration granted premarket approval for PROPEL in August 2011 and for PROPEL Mini in November 2012. The smaller product broadened the platform’s intended use in sinus anatomy where the original device was less suitable. Intersect ENT expanded beyond its initial postoperative implant platform. SINUVA was developed as a steroid-releasing implant for adults with recurrent nasal polyps after previous ethmoid sinus surgery. The company also initiated clinical studies in 2014 for RESOLVE, an in-office chronic-sinusitis treatment designed as an alternative or complement to surgery and oral steroid therapy. Together, these programs positioned the company around localized medication delivery and minimally invasive ENT intervention. The company became publicly traded on Nasdaq in July 2014 under the ticker XENT after an offering of 5,750,000 common shares. During this period it received recognition from Forbes as one of America’s Most Promising Companies and was included in Fierce 15’s list of promising companies in 2013. Its intellectual-property portfolio included more than 20 issued U.S. patents and more than 80 patents and patent applications worldwide, according to the company’s reference profile. In August 2021, Medtronic announced its intention to acquire Intersect ENT for approximately $1.1 billion. The transaction was completed in May 2022. Following completion, Intersect ENT became a Medtronic subsidiary and ceased to operate as an independent listed company. Its products and expertise now sit within Medtronic’s wider medical-technology activities, while the Intersect ENT name remains associated with specialized sinus-treatment devices and localized drug-delivery implants.
- 2022
Acquisition completed
[1]Medtronic completed the acquisition, making Intersect ENT a subsidiary.
- 2021
Medtronic announces acquisition
[1]Medtronic announced a proposed acquisition of Intersect ENT valued at approximately $1.1 billion.
- 2014
Nasdaq listing
[1]Intersect ENT completed its initial public offering and began trading under the ticker XENT on July 24.
- 2014
RESOLVE clinical studies begin
[1]The company began clinical studies for RESOLVE, an in-office chronic-sinusitis treatment concept.
- 2013
Series D financing
[1]Intersect ENT raised $30 million in a Series D round led by Norwest Venture Partners to support commercialization and clinical studies.
- 2012
Move to Menlo Park
[1]The company moved from Palo Alto to a 32,000-square-foot Menlo Park facility housing its business and manufacturing operations.
- 2012
FDA approval for PROPEL Mini
[1]The FDA granted premarket approval for the smaller PROPEL Mini implant.
- 2011
PROPEL clinical program begins
[1]Intersect ENT began clinical testing of PROPEL, including a double-blind pilot study.
- 2011
FDA approval for PROPEL
[1]The U.S. Food and Drug Administration granted premarket approval for the PROPEL sinus implant.
- 2006
Series A financing supports product development
[1]Series A funding enabled the company to hire a team and advance its implant technology.
Products and positioning
Specialist ENT medical-device brand focused on localized drug delivery, bioabsorbable sinus implants and minimally invasive treatment of chronic sinus disease.
Bioabsorbable drug-eluting sinus implant · 2011
PROPEL
PROPEL is a bioabsorbable sinus implant used after endoscopic sinus surgery. It is designed to help keep the sinus passageway open while releasing mometasone furoate locally to reduce inflammation and support healing. Because the implant gradually dissolves, it is intended to avoid a separate removal procedure.
Smaller bioabsorbable drug-eluting sinus implant · 2012
PROPEL Mini
PROPEL Mini is the smaller member of the PROPEL implant family. It uses the same general localized corticosteroid-delivery approach while being designed for narrower sinus anatomy and additional postoperative applications. Its development and commercialization helped extend Intersect ENT’s implant platform beyond the original PROPEL configuration.
Steroid-releasing sinus implant
SINUVA
SINUVA is a steroid-releasing implant developed for adults with recurrent nasal polyps after prior ethmoid sinus surgery. It is intended to deliver medication locally within the sinus cavity and provide a minimally invasive treatment option for recurrent disease managed by ENT specialists.
In-office chronic-sinusitis treatment system
RESOLVE
RESOLVE was an Intersect ENT development program for an in-office treatment of chronic sinusitis. The concept was designed to offer an alternative or complement to conventional sinus surgery and oral steroid treatment, extending the company’s focus from postoperative implants into office-based intervention.
Brand decisions
2021
Agree to acquisition by MedtronicM&ABackground
Medtronic sought to expand its ENT and sinus-care capabilities, while Intersect ENT had an established portfolio of localized drug-delivery products.
Action taken
Medtronic announced an agreement to acquire Intersect ENT for approximately $1.1 billion.
Aftermath
The transaction closed in May 2022, making Intersect ENT a Medtronic subsidiary and ending its independent public-company status.
Announced acquisition value. Approximately $1.1 billion (2021 announced value)
2014
Complete initial public offeringOtherBackground
After developing and commercializing its sinus-implant platform, Intersect ENT pursued access to public equity markets.
Action taken
The company offered 5,750,000 common shares and began trading on Nasdaq under XENT on July 24, 2014.
Aftermath
Intersect ENT operated as an independent public medical-device company until its acquisition by Medtronic.
2013
Use Series D capital to expand PROPEL commercializationStrategyBackground
Intersect ENT was seeking to expand adoption of its PROPEL platform and develop additional localized drug-delivery products.
Action taken
The company raised $30 million in Series D financing led by Norwest Venture Partners and allocated the funding to commercial expansion and clinical studies.
Aftermath
The financing supported the company’s transition from a single-product development business toward a broader ENT product portfolio.
Series D financing. $30 million raised (2013)
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