Entellus Medical shareholders approve $662m Stryker buyout
Summary
Plymouth, Minn.-based Entellus, founded in 2006, makes a family of minimally invasive balloon device products, including its flagship Xpress device, that are designed to treat blocked sinuses. Earlier this year it closed the $81 million buyout of Spirox and its Latera absorbable nasal implant. In a regulatory filing, Entellus said 99.9% of the roughly 21.9 million shares represented at the vote (which is about 85.1% of total shares) voted to approve the $24-per-share offer, with nearly 8,700 voting against and some 10,600 abstaining. Last September the FDA released an April warning letter sent to Entellus over a study of the Xpress device in pediatric patients, involving use of a dilator in patients under age 12 in frontal and sphenoid sinuses; the trial’s approved protocol only allowed treatment in the maxillary sinus for patients that young, according to the federal safety watchdog.