Intersect ENT Raises $30 Million

  Intersect ENT Raises $30 Million

Funds to Fuel Commercial Expansion and Development of Next Generation Products
                       for Chronic Sinusitis Sufferers

Business Wire

MENLO PARK, Calif. -- February 25, 2013

Intersect ENT, Inc., an innovator in treatment solutions for ear, nose and
throat clinicians and their patients, today announced that the company has
completed the initial closing of a $30 million Series D round of funding. The
round was led by new investor Norwest Venture Partners (NVP) and drew
participation from all of Intersect ENT’s existing significant investors,
including Kleiner Perkins Caufield & Byers, U.S. Venture Partners, PTV
Sciences and Medtronic.

The financing will be used to continue the rapid commercial expansion in the
United States for the company’s PROPEL™ and PROPEL™ mini sinus implants and to
fund clinical studies of the company’s latest product, an office-based
treatment for chronic sinusitis sufferers.

“We are excited to add Norwest Venture Partners as a new investor and are
grateful for the continued support of our existing investors in this round,”
said Lisa Earnhardt, President and CEO of Intersect ENT. “We see the
difference our products have made in patients’ lives every day and that is
what drives us to innovate. Our goal is to improve the quality of life for
millions of chronic sinusitis sufferers.”

“We are impressed with Intersect ENT’s rapid pace of innovation and
commercialization. The company has garnered an impressive body of clinical
data as well as two FDA approvals in just over one year, and its latest
product is already in clinical trials,” said Casper de Clercq, partner at
Norwest Venture Partners, who joined the Board of Intersect ENT in connection
with the financing. “We look forward to having a seat at the table during this
exciting next stage of growth for the company.”

Intersect ENT recently announced initiation of RESOLVE, a prospective,
randomized, blinded, multi-center clinical trial to study the use of the
company’s newest steroid delivery implant for patients with chronic sinusitis.
The new product is placed during a routine physician office visit as an
alternative to revision sinus surgery for patients with recurrent sinus
obstruction. Like the company’s PROPEL™ and PROPEL™ mini implants used in the
operating room setting to improve surgical outcomes, the product releases
mometasone furoate, an advanced steroid with anti-inflammatory properties,
directly into the sinus lining to resolve inflammation. More than 6,000
patients have been treated with PROPEL to date.

Chronic sinusitis is a condition in which patients’ sinuses become swollen and
inflamed, leading to difficulty breathing, facial pain or headache, and
reduced sense of smell and taste. The condition is common, affecting 31
million people in the U.S.,^1 and greatly impacts quality of life. Chronic
sinusitis often requires a complex combination of surgical and medical
treatments. Each year, 500,000 patients undergo sinus surgery to treat the
condition.^2 Although sinus surgery is effective, majority of patients
experience recurrent symptoms within the first year; as many as 25 percent
then undergo revision surgery due to recurrent obstruction of the sinus
cavity.^3

About Intersect ENT

Intersect ENT Inc., located in Menlo Park, Calif., is an innovator in local
drug delivery focused on advancing clinically proven therapy solutions that
improve quality of life for patients with ear, nose and throat conditions. The
company’s initial products, the PROPEL and PROPEL mini dissolvable
steroid-releasing implants, are the only products backed by Level 1-A clinical
evidence to improve sinus surgery outcomes for patients suffering from chronic
sinusitis. Chronic sinusitis is a common condition that affects one out of
seven adults in the U.S. and greatly impacts quality of life. The company
holds twenty issued U.S. patents and more than 75 patents and pending
applications worldwide. Intersect ENT is backed by Kleiner, Perkins, Caufield,
& Byers; U.S. Venture Partners; PTV Sciences; Norwest Venture Partners (NVP);
and Medtronic. For more information please visit www.intersectENT.com.

2013 © Intersect ENT Inc. All rights reserved. INTERSECT ENT^® and PROPEL™ are
trademarks of Intersect ENT, Inc.

Patients with Chronic Sinusitis should consult their ENT surgeon for a full
discussion of risks and benefits to determine whether this product is the
right choice.

^1 Pleis JR, Lethbridge-Çejku M. National Health Interview Survey, 2006.
National Center for Health Statistics. Vital Health Stat 10(235). 2007.
^2 Rosenfeld et al. Clinical practice guideline: Adult sinusitis.
Otolaryngology–Head and Neck Surgery. 137, S1-S31, 2007.
^3 Shaitkin et al. Endoscopic Sinus Surgery. Laryngoscope, 103, Oct 1993.

Contact:

for Intersect ENT Inc.
Nicole Osmer, 650-454-0504
nicole@nicoleosmer.com