Weight loss treatment: GI Dynamics looking to raise $102 million (USD) through Australian IPO

August 3, 2011 by MassDevice staff

Gastric sleeve maker GI Dynamics Inc. looks to raise up $102 million (USD) through an IPO in Australia, according to regulatory filings.

GI Dynamics

GI Dynamics is looking to raise between $80 to $95 million (AUS), which is about $86 million to $102 million (USD), through an initial public offering in Australia.

The company filed a prospectus with Australian regulators this morning, although shares will not be issued until Aug. 11, 2011, according to the filing.

Dan Budwick, spokesman for the Lexington, Mass.-based device maker told MassDevice that the company was "in a quiet period in the U.S. and cannot comment at this time."

Read more of MassDevice.com's coverage of GI Dynamics

GI Dynamics' EndoBarrier gastrointestinal sleeve won Australian approval for treatment of type 2 diabetes and obesity just last week. The device won CE Mark in Dec., 2009, for six months of treatment, which prompted a $15 million investment from Minneapolis, Minn.-based medical device giant Medtronic Inc. (NYSE:MDT), which joined other investors in backing the firm as it prepared for commercial launch in the European Union.

The Endobarrier has since been approved for 12 months of treatment in the European Union, and is commercially available in Chile, Germany, the United Kingdom and the Netherlands. The company has also received an investigational device exemption approval to commence a pilot trial of the EndoBarrier in the United States.