GI Dynamics raises $34.3m for EndoBarrier trial
GI Dynamics (ASX:GID) has raised $34.3 million, via a private placement, to help fund its commercialisation efforts for its EndoBarrier Therapy device in obesity and type 2 diabetes.
The company has arranged to place around 66 million CDIs at an issue price of $0.52 apiece to investors in markets including Australia, Hong Kong and the UK.
The proceeds will be used to further fund its US trial of EndoBarrier that will form part of the company’s pre-market application with the US FDA.
GI Dynamics raised $57.5 million through a placement of CDIs at the same price in July last year to help fund the trial.
“We are very pleased with the successful completion of this financing,” GI Dynamics CEO Stuart A Randle commented.
“This capital allows us to continue to execute on our global dual-pronged commercial strategy focused on driving sales on driving sales in the near-term in self-pay markets, while building for the long-term success and future growth of EndoBarrier Therapy in reimbursed markets.”
GI Dynamics (ASX:GID) shares were trading 0.95% higher at $0.53 as of around 2 pm on Monday.
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