Entellus Medical Raises $37.2M Through Public Offering
BY ANDREW VAHRADIAN, FEBRUARY 6, 2017
Entellus Medical secured $37.2 million through a public offering of 2,353,530 shares of its common stock at $0.001 a share and 1,176,470 shares at $17.00 per share.
Under the terms of the offering, the company has given its underwriters a 30-day overallotment agreement in which they can sell up to an additional 529,500 shares on the public market.
Entellus develops minimally invasive medical device systems and instruments for the treatment of patients suffering from chronic and recurrent sinusitis. The company plans to use the proceeds for working capital purposes and to repay its outstanding credit facility.
