GI Dynamics (ASX:GID) said another 5 medical centers in Europe are online with its EndoBarrier weight loss and diabetes device.
The Lexington, Mass.-based medical device company said centers in Spain, Switzerland and 3 in Germany are now implanting the device, a gut liner designed to inhibit the uptake of nutrients from food.
The news represents GI Dynamics’ 1st forays into Spain and Switzerland, according to a press release. GI Dynamics won CE Mark approval for the EndoBarrier device in 2009; the medical device has been on the market in Germany, Europe’s largest medical device arena, since 2011, according to the release.
"We are continuing to invest in supporting the expansion of EndoBarrier Therapy in the European Union, an important region of the world where reimbursement is critical to long-term sales growth," chief commercial officer Mark Twyman said in prepared remarks. "As we continue to build the case for expanded reimbursement in Germany and local reimbursement in other countries, we are pleased to be working with these new centres, which are among the most prestigious institutions in their respective countries. In addition to expanding our commercial footprint in Europe, we continue to make important progress in self-pay markets and look forward to sharing updates on these efforts in the near future."
Early this year GI Dynamics launched a U.S. trial to evaluate the EndoBarrier as a treatment for diabetes, aiming for a pre-market approval application with the FDA. Last month president & CEO Stuart Randle said GI Dynamics might need to raise more capital to fund the trial, pegging its anticipated cost at roughly $35 million.