GI Dynamics raises $85M in Australian IPO

Lexington, MA-based GI Dynamics has raised about $85 million from its Australian IPO. The company said it would list Sept. 7 in Sydney with a market value of AU$304 million ($324.6 million), The Australian notes.

GI's main product is the EndoBarrier gastrointestinal liner, a device used to treat Type 2 diabetes, weight loss and other metabolic factors. It is a non-surgical, removable, physical barrier (pictured here) that enables food to bypass portions of the intestine. It has a similar effect as gastric bypass with fewer associated risks. The device can "reset" the body's metabolic functions to a more normalized state.

The EndoBarrier has received European CE mark approval and is available in Chile, Germany, the U.K. and the Netherlands. The EndoBarrier has received TGA approval and will soon be available in Australia. It is not yet available in the U.S., according to the company's website.

GI is backed by Advanced Technology Ventures, Catalyst Health Ventures, Cutlass Capital, Domain Associates, Johnson & Johnson Development, Medtronic and Polaris Venture Partners, Mass High Tech reports.

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