Entellus Medical raises $50m

Entellus Medical (NSDQ:ENTL) raised $50 million in a new round of equity financing, according to an SEC filing posted this week.

Funds in the round came from 45 unnamed investors, with the 1st sale recorded on July 13.

In the round, the company offered shares at $14.66 per share based on average closing price on NASDAQ of shares of common stock for the 20 consecutive trading days prior to 2 days of trading before its $81 million acquisition of Spirox, according to the SEC filing.

The company is not looking to raise any more funds in the round, and has not yet stated how it plans to spend money raised in the round.

Entellus announced it would pay approximately $81 million to acquire Spirox and its Latera absorbable nasal implant earlier this month.

In the deal, Entellus paid $25 million in cash and issued approximately 3.4 million shares of Entellus common stock, which close at $16.51 the day before the deal was announced on July 7, putting the stock portion of the deal at approximately $56.1 million.

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