Sinus balloons for sale: Entellus Medical sets terms for $70 million IPO

Entellus Medical, which sells a minimally invasive treatment to open obstructed sinus pathways, announced terms for its IPO on Thursday. The Plymouth, MN-based company plans to raise $70 million by offering 4.4 million shares at a price range of $15 to $17. At the midpoint of the proposed range, it would command a fully diluted market value of $296 million.

Entellus Medical's balloon sinus dilation systems are inserted by ENT physicians for patients with chronic sinusitis. The company competes with market leader Johnson & Johnson (JNJ), Medtronic (MDT) and Smith & Nephew (SNN). Among potential competitors, Entellus also lists July 2014 IPO Intersect ENT (XENT), which now trades over 110% above its offer price.

Entellus Medical, which was founded in 2006 and booked $45 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol ENTL. BofA Merrill Lynch and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of January 26, 2015.