The Lexington, Mass.-based company raised funds through the sale of 69.9 million Chess depository interests, representing approximately 1.4 million shares of stock at 16¢ (AU 22¢) per share to investors in Australia “and other certain jurisdictions”.
“We continue to execute in the rebuilding of GI Dynamics. That entails a focus on expanding our commercial efforts in Europe and leveraging ongoing work on the reimbursement fronts in the United Kingdom and Germany. In addition, we are very focused on our ongoing dialogue with the FDA with the intent of finding a balanced approach to securing United States regulatory clearance. Our efforts to add talent to the Company will manifest itself in additions to the Board of Directors as well. We continue our dedication to executing our strategy and maximizing shareholder value in a disciplined and accountable manner,” prez & CEO Scott Schorer said in prepared remarks.
Proceeds raised will support continued operation through the 2017 calendar year, which in turn will allow time to improve ongoing European commercialization and U.S. development.
Last month, GI Dynamics released German registry data on its EndoBarrier device, touting lowered insulin usage and significant weight loss.
Data, which came from 234 patients enrolled in the registry, indicated a mean reduction in absolute HbA1c of 1.3%, as well as a reduction of antidiabetic medication in 78% of patients. Mean injection doses of Insulin were reduced by 42%, the company said.