Investors have agreed to buy $5 million worth of GI Dynamics’ (ASX:GID) common stock, representing 6.9 million shares. The Lexington, Mass.-based company said it will use the money to fund the continued development of its EndoBarrier device and for general working capital. EndoBarrier is a plastic gut sleeve designed to treat type 2 diabetes and obesity […]
GI Dynamics
GI Dynamics wins FDA nod for pivotal US EndoBarrier trial
GI Dynamics (ASX:GID) said today it won FDA investigational device exemption approval to launch a pivotal trial of its EndoBarrier device designed for treating patients with type 2 diabetes and obesity, pending Institutional Review Board approval. The EndoBarrier device is a plastic gut sleeve designed to prevent the absorption of nutrients from food as it exits the stomach and […]
GI Dynamics inks $2m note and warrant deal
GI Dynamics (ASX:GID) said yesterday it inked an approximately $1.8 million note and warrant purchase deal with Crystal Amber Fund Limited, the company’s largest shareholder. The note offered in the deal will accrue 10% interest annually over five years unless the company defaults, at which the rate will be lifted to 16%, the Lexington, Mass.-based company […]
GI Dynamics touts insulin resistance improvement, weight loss in EndoBarrier meta-analysis
GI Dynamics (ASX:GID) today released results from a meta-analysis of its EndoBarrier device exploring its use in helping patients with type 2 diabetes and obesity, touting improvements in insulin resistance and positive changes in weight. The EndoBarrier device is a plastic gut sleeve designed to prevent the absorption of nutrients from food as it exits the stomach and […]
GI Dynamics gets $2m financing commitment
GI Dynamics (ASX:GID) last week announced it inked a binding commitment for a $1.8 million financing deal with Crystal Amber Fund Limited. Through the deal, the Boston-based company will offer convertible notes and warrants with major stockholder Crystal Amber Fund Limited, intending to use funds from the financing to cover working capital through the end of […]
Medin Technologies taps Donaldson as CEO | Personnel Moves – April 25, 2017
Medin Technologies said last week it tapped Bill Donaldson as its new chief executive officer, replacing Andy Novotny who is resigning from his position at the head of the company. Prior to joining Medin Technologies, Donaldson served as president of Jeld-Wen Canada, leading the business unit during its parent company’s initial public offering, Totowa, N.J.-based […]
GI Dynamics shareholders approve $2m offering
GI Dynamics (ASX:GID) said today its shareholders approved an offering worth a total of $1.6 million (AUD $2 million) through the sale of Australian CHESS depository interests in two tranches, with funds slated to support continued development of its EndoBarrier and for general working capital. The Boston-based company said the placement comes through the sale of […]
GI Dynamics raises $2m
GI Dynamics (ASX:GID) said yesterday it raised approximately $1.6 million (AUD $2 million) in a private placement of Australian CHESS depository interests looking to support continued development of its EndoBarrier and for general working capital. The Boston-based company said the placement comes through the sale of approximately 58.8 million CDIs, representing 1.2 million shares of common stock […]
GI Dynamics loses CE Mark certificate for EndoBarrier
GI Dynamics (ASX:GID) said yesterday that its notified body in Europe withdrew its certification for CE Mark approval for its EndoBarrier device, meaning the company can no longer sell the obesity and diabetes treatment in the European Union. CEO Scott Schorer told MassDevice.com today during a telephone interview that Boston-based GID passed an intensive, week-long inspection of […]
GID touts study showing EndoBarrier as good as gastric plication
New data from the Institute for Clinical and Experimental Medications found that gastric plication and GI Dynamics’ EndoBarrier device therapy showed similar outcomes for patients with type 2 diabetes and obesity. “On a basic science and mechanistic basis, both treatments (GP and EndoBarrier) substantially improved metabolic parameters and were associated with reduction in systemic inflammation […]
GI Dynamics CEO Schorer optimistic about Endobarrier’s future
GI Dynamics (ASX:GID) CEO Scott Schorer has had an uphill battle over the past year. His company has faced regulatory and compliance issues, negative shareholder sentiment and a number of other concerns. But Schorer and his team are committed to righting the ship and saving a product they see as having no equal in the current […]