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Entellus Medical closes common stock offering

Entellus Medical Inc. closed the offering of 2,353,530 common shares by the company and 1,176,470 shares by selling stockholders at $17 per share.

The company granted underwriters an option to buy up to an additional 529,500 shares.

Entellus expects net proceeds of about $37.2 million, after deducting underwriting discounts and estimated offering expenses, assuming no exercise of the underwriters' option to buy additional shares. The company did not receive any proceeds from the sale of shares offered by the selling stockholders.

The company plans to use net proceeds from the offering for working capital purposes, which may include repayments on its credit facility, and other general corporate purposes.

Merrill Lynch Pierce Fenner & Smith Inc., Piper Jaffray & Co. and William Blair & Co. LLC acted as underwriters in the offering.