July 28, 2017 3:26 PM ET

Pharmaceuticals

Company Overview of Intersect ENT, Inc.

Company Overview

Intersect ENT, Inc., a commercial stage drug-device company, provides therapeutic solutions for patients with ear, nose, and throat conditions in the United States. It offers PROPEL and PROPEL mini drug releasing implants for patients undergoing sinus surgery to treat chronic sinusitis; and PROPEL Contour, a steroid releasing implant to frontal and maxillary sinus ostia, or openings, of the dependent sinuses. The company is also developing RESOLVE, a steroid releasing implant for refractory disease for the treatment of patients in the physician office setting. The company was formerly known as Sinexus, Inc. and changed its name to Intersect ENT, Inc. in November 2009. Intersect ENT, Inc. was...

1555 Adams Drive

Menlo Park, CA 94025

United States

Founded in 2003

303 Employees

Phone:

650-641-2100

Key Executives for Intersect ENT, Inc.

Chief Executive Officer, President and Director
Age: 47
Total Annual Compensation: $523.6K
Chief Financial Officer
Age: 59
Total Annual Compensation: $355.4K
Chief Operating Officer
Age: 55
Total Annual Compensation: $331.0K
General Counsel and Secretary
Age: 56
Total Annual Compensation: $277.2K
Chief People Officer
Age: 56
Total Annual Compensation: $129.6K
Compensation as of Fiscal Year 2016.

Intersect ENT, Inc. Key Developments

Intersect ENT, Inc. Announces Board Changes, Effective August 1, 2017

Intersect ENT, Inc. announced the appointment of Teresa (Terri) L. Kline to the company’s board of directors effective August 1, 2017. Current director Casey Tansey, general partner of U.S. Venture Partners, will step down from the board following more than a decade of service. Kline is a leader in health care insurance, managed care, physician practice management, and outpatient facility management. As president and CEO of Health Alliance Plan (HAP). She is also an executive vice president of Henry Ford Health System. Prior to her current role, she served as senior vice president and chief health care management officer for Health Care Service Corporation (HCSC), senior vice president of HealthSouth, CEO of United Healthcare of Georgia, and regional vice president of Aetna Health Plans. Kline also serves on the board of directors of Presbyterian Health Plan in New Mexico.

U.S. Food and Drug Administration Accepts New Drug Application for Intersect ENT, Inc.'s Investigational SINUVA™ Steroid Releasing Sinus Implant

Intersect ENT, Inc. announced that the U.S. Food and Drug Administration (FDA) has accepted the New Drug Application (NDA) for the company’s investigational SINUVA™ Steroid Releasing Sinus Implant and set a PDUFA target action date of January 7, 2018. The SINUVA implant, previously known as the RESOLVE product, is placed during a routine physician office visit. The implant is designed to provide a less invasive treatment option for patients with recurrent ethmoid sinus obstruction, including polyps, that might otherwise warrant a repeat surgical procedure. More than 635,000 Americans are potential candidates for the SINUVA implant – an underserved population, as current treatment relies on high-dose oral steroids and repeat surgery. SINUVA, Intersect ENT’s fourth steroid releasing implant, was evaluated in four clinical studies to assess the safety and effectiveness of the product. The randomized, blinded, multi-center phase III RESOLVE II pivotal trial evaluated 300 adult chronic sinusitis patients, all of whom were indicated for revision sinus surgery at study entry due to recurrent symptoms and obstructive inflammation. Patients were randomized to one of two groups: a treatment group consisting of bilateral SINUVA implant placement in the office, or a control group consisting of a sham procedure; both groups continued to receive standard treatments such as topical nasal steroid sprays. The trial met both co-primary efficacy endpoints, demonstrating a statistically significant reduction in nasal congestion and polyp burden. Secondary endpoints achieving statistical significance through day 90 included a reduction in the proportion of patients still indicated for repeat sinus surgery, reduction in ethmoid sinus obstruction, and improvements in both nasal obstruction symptoms and sense of smell.

Intersect ENT, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Revenue Guidance for the Second Quarter 2017; Revises Earnings Guidance for the Full Year 2017

Intersect ENT, Inc. announced Unaudited consolidated earnings results for the first quarter ended March 31, 2017. Total revenue grew to $20.5 million for the first quarter of 2017, compared to $16.7 million for the same period of 2016, an increase of 23%. The increase in revenue was primarily attributable to growth in adoption of PROPEL® and PROPEL® Mini, including an increase in the average selling price, and to initial sales of PROPEL Contour. Loss from operations was $6,949,000 against $8,406,000 a year ago. Net loss was $6,681,000 or $0.23 per basic and diluted share against $8,221,000 or $0.29 per basic and diluted share a year ago. The company expects to achieve revenue in the second quarter 2017 of $22.5-$22.7 million. For the full year 2017, the company is raising the revenue outlook to $89-$91 million from the prior guidance of $87-$89 million. The company expects to achieve a full year 2017 gross margin of approximately 84%, on the high end of the previously stated outlook of 83-84%, and operating expenses in the range of $96-$98 million.

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