Entellus Medical said today that it closed a $37.2 million underwritten offering with existing stockholders. The company sold 2,353,530 shares of its common stock at $0.001 per share and 1,176,470 shares at $17.00 per share, according to regulatory filings.
Entellus also gave the underwriters a 30-day option to purchase an aggregate of an additional 529,500 shares.
The company said it plans to use the net proceeds form its offering for working capital purpose, including repayments on its credit facility. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Piper Jaffray & Co. acted as representatives of the underwriters in the offering.
