GI Dynamics, a Lexington, Mass.-based company, is looking to raise between $80 to $95 million(AUS), which is about $86 million to $102 million, through an initial public offering in Australia.
The company filed a prospectus with Australian regulators this morning, although shares will not be issued until August 11, 2011, according to the filing.
Dan Budwick, spokesman for GI Dynamics told MassDevice that the company was "in a quiet period in the U.S. and cannot comment at this time."
GI Dynamics’ EndoBarrier gastrointestinal sleeve recently won Australian approval for treatment of type 2 diabetes and obesity.
The company’s device is a plastic sleeve inserted endoscopically into the small intestine, where it slows the uptake of nutrients from food to induce weight loss and help control the symptoms of diabetes. The TGA approved EndoBarrier for up to 12 months of use.
The EndoBarrier has already received CE mark approval in Europe for up to 12 months of treatment for type 2 diabetes and obesity 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.
