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August 30, 2015 10:33 AM 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. The company was formerly known as Sinexus, Inc. and changed its name to Intersect ENT, Inc. in November 2009. Intersect ENT, Inc. was founded in 2003 and is headquartered in Menlo Park, California.

1555 Adams Drive

Menlo Park, CA 94025

United States

Founded in 2003

245 Employees

Phone:

650-641-2100

Key Executives for Intersect ENT, Inc.

Chief Executive Officer, President and Director
Age: 45
Total Annual Compensation: $332.4K
Chief Financial Officer and Principal Accounting Officer
Age: 57
Total Annual Compensation: $202.8K
Chief Operating Officer and Senior Vice President
Age: 53
Total Annual Compensation: $290.2K
Vice President of Sales
Age: 45
Total Annual Compensation: $154.5K
Compensation as of Fiscal Year 2014.

Intersect ENT, Inc. Key Developments

Intersect ENT, Inc. Announces Positive Preliminary Clinical Results for the Propel Mini Steroid Releasing Implant in Patients with Frontal Sinus Disease

Intersect ENT, Inc. announced preliminary results of PROGRESS, a prospective, randomized, blinded, multi-center trial to assess the safety and efficacy of the PROPEL mini steroid releasing sinus implant when used following frontal sinus surgery. The study met its primary efficacy endpoint, demonstrating a statistically significant 38% relative reduction in the need for post-operative interventions, such as the need for additional surgical procedures or need for oral steroid prescription, compared to surgery alone. The device placement success rate was 100% and there were no device-related adverse events. As many as one in four patients undergoing surgery for chronic sinusitis suffers from frontal sinus disease. The trial is intended to support an expanded indication for placement of PROPEL mini in the frontal sinuses, which are located behind the eyebrows. PROPEL mini is currently indicated for placement in the ethmoid sinuses, located just behind the bridge of the nose. Intersect ENT’s PROPEL and PROPEL mini are the first and only steroid releasing sinus implants approved by the FDA for use in patients following ethmoid sinus surgery. The products release mometasone furoate, an advanced steroid with anti-inflammatory properties, directly into the sinus lining, then dissolve. Use of PROPEL maintains the open passages created in surgery, reducing the need for oral steroids and additional surgical procedures. PROPEL’s effectiveness is supported by the high level of clinical evidence, Level 1a, showing reduction of postoperative intervention, inflammation, scarring, and need for oral steroids in post-operative patients.

Intersect ENT, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year 2015

Intersect ENT, Inc. reported earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company’s revenue increased 77% to $15.2 million, from $8.6 million in the same period of 2014. This increase is attributable to higher unit sales driven by the acquisition of new accounts, expanded adoption by existing customers and a modest price increase implemented at the start of the year. Net loss was $5.8 million compared to $4.4 million for the second quarter of 2014. Second quarter 2015 basic and diluted net loss per share was $0.23 against $2.36 per share a year ago. Loss from operations was $5.861 million against $4.423 million a year ago. For the six months, revenue was $28.57 million compared to $16.062 million in the same period 2014. Net loss was $11.151 million or $0.46 per basic and diluted share, compared to $8.791 million or $4.84 per basic and diluted share for the second quarter of 2014. Loss from operations was $11.227 million compared to $8.521 million for the last year. For 2015, the company is raising its outlook from 76% to 78% gross margin to approximately 80% for the year and is forecasting 2015 revenue to fall in the range of $62 million to $68 million.

Intersect ENT Mulls Acquisitions

Intersect ENT, Inc. (NasdaqGM:XENT) is seeking acquisitions. Jeri Hilleman, Chief Financial Officer of Intersect ENT said, “Together the TMs and sales consultants will continue to acquire new accounts, while driving depth in existing accounts through both expanding the number of physician users in a given account, and by increasing the frequency of PROPEL insertion by current users. While we are not going to update this measure regularly, we do expect to more than double the number of sales consultants to over 20 by year-end. We continue to believe that we have significant headroom for growth, with PROPEL being used in approximately 20,000 of the roughly 270,000 FESS procedures performed so far this year, representing less than 10% adoption.”

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