Shares in GI Dynamics have started trading on the Australian Securities Exchange under the stock symbol "GID." The company's CHESS Depositary Interests closed 17 cents below their offer price of $1.10 each at 93 cents in the first day of trading, according to ninemsn.
GI Dynamics recently raised A$80 million through an IPO and U.S. private placement. It will use the funds to expand the global commercialization of the EndoBarrier gastrointestinal liner (pictured here), a non-pharmaceutical, non-surgical alternative for reducing blood glucose levels and encouraging weight loss in diabetic and obese patients.
The company had several reasons for choosing Australia for the IPO, CEO Stuart Randle told FierceMedicalDevices. Obesity and type 2 diabetes are worldwide problems, and the equity markets have become more global. In addition, the company has some current investors who have invested previously in that country, so it was viewed as a great option.
EndoBarrier is available in certain markets--Chile, Germany, the U.K. and the Netherlands. And registrations in other of countries outside Europe are expected shortly, according to Randle. In the U.S., the company is planning a pilot trial in diabetes that has yet to begin, but no other public information has been disclosed.
GI Dynamics also has had "quite a few conversations" to discuss partnering, and the company is evaluating offers, Randle added.
- see the GI Dynamics release
- check out the ninemsn report