GI Dynamics (ASX:GID) said it’s pulled in nearly $35 million as part of a $52 million funding round it’s planning to use to back a U.S. trial of its EndoBarrier device.
The Lexington, Mass.-based medical device company said in a regulatory filing that it’s drummed up $34.8 million from 13 unnamed investors.
The raise is part of a funding round announced earlier this month that aims to raise about $52.5 million (A$57.5 million) for the EndoBarrier trial.
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The device is a plastic sleeve that lines a portion of the small intestine, designed to slow the uptake of nutrients from food.
The EndoBarrier is on the market in countries that recognize the CE Mark it won back in 2010. GI Dynamics is planning to use the cash from the funding round for a U.S. pivotal trial to back a market approval application to the FDA.