Maple Grove-based Entellus Medical, which has developed minimally invasive treatments for chronic sinusitis, announced Wednesday that it has raised $35 million in its fifth round of financing.
The round was led by new investor Covidien Ventures, a venture capital firm that invests in companies developing new innovative medical devices, diagnostics and pharmaceuticals. Aside from Covidien, existing investors SV Life Sciences, Essex Woodlands, Split Rock Partners and Greenspring Associates also reinvested in the company.
Since 2006, the company has raised $92 million, including this current round, said Tom Griffin, Entellus’s chief financial officer.
The money will be mainly used to increase commercialization of the company’s two products — FinESS that was approved in April 2008 and XprESS that was approved in February 2010, Griffin said. He noted that the capital will also help to further develop products in the pipeline, but declined to provide any details of what those products may be.
“It’s too early right now,” Griffin said.
FinESS and XprESS are intended to be minimally invasive alternatives to the traditional surgery done to treat patients suffering from chronic sinusitis. The traditional method requires surgery under general anesthesia whereas Entellus’s products can be done in an office setting under local anesthesia.