Briefing Call and Webcast on Financial Results for First Quarter 2014 Rescheduled for Monday, 5 May 2014 at 6 p.m. U.S. EDT / Tuesday, 6 May 2014 at 8:00 a.m. AEST
Lexington, Massachusetts, United States and Sydney, Australia – 2 May 2014 AEST – GI Dynamics, Inc. (ASX: GID) (“GI Dynamics” or the “Company”) is pleased to announce that it has received commitments for a private placement of approximately 66 million fully paid CHESS Depositary Interests (CDIs) at an issue price of A$0.52 per CDI to sophisticated, professional and accredited investors in Australia, Hong Kong and the United Kingdom and certain other jurisdictions to raise approximately A$34.3 million (Placement). GI Dynamics intends to use the proceeds raised from the Placement to fund its U.S. pivotal trial, to continue to expand commercialization efforts for EndoBarrier® Therapy, and for general working capital purposes.
“We are very pleased with the successful completion of this financing,” commented Stuart A. Randle, chief executive officer of GI Dynamics. “This financing provides additional resources to support our ongoing pivotal trial in the U.S. This capital also allows us to continue to execute on our global dual-pronged commercial strategy focused 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.”
The CDIs that have been subscribed for under the Placement comprise 65,951,267 CDIs which are available for issue under GI Dynamics’ 25% placement capacity under ASX Listing Rules 7.1 and 7.1A, which will be issued on or around May 9, 2014.
The Placement CDIs will rank equally in all respects with CDIs on issue at the date of allotment.
Bell Potter Securities Limited served as the sole lead manager to the Placement.
The securities to be offered have not been registered under the Securities Act of 1933, as amended (Act), or any state securities laws, and until so registered may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Act and applicable state securities laws.
This announcement is not an offer to sell, nor a solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction or an applicable exemption therefrom.
Briefing Call and Webcast on Financial Results for First Quarter 2014:
GI Dynamics, Inc. (ASX: GID) has rescheduled its conference call to discuss the Company’s financial results for the quarter ended 31 March 2014, and its business outlook. Stuart Randle, president and chief executive officer, will host the call with Robert Crane, chief financial officer, and Mark Twyman, chief commercial officer.
The new briefing call to discuss financial results and business updates will be held at 6 p.m. U.S. EDT Monday, 5 May 2014 (8 a.m. AEST on Tuesday, 6 May 2014).
Accessing the Briefing Call via Webcast:
A live webcast of the call will be available on the GI Dynamics website at investor.gidynamics.com.
Accessing the Briefing Call via Telephone:
For those preferring to listen by telephone, please dial in five minutes prior to the start of the call and provide the passcode: 37224050. Regional dial-in numbers are as follows:
- United States callers please dial toll-free 1 (888) 771-4371
- Australia callers please dial toll-free 1 (800) 507-265
- International callers please dial 1 (847) 585-4405
About GI Dynamics
GI Dynamics, Inc. (ASX: GID) is the developer and marketer of EndoBarrier®, a breakthrough device that represents an entirely new class of non-surgical, non-pharmaceutical therapy for the treatment of type 2 diabetes and/or obesity. EndoBarrier is approved and commercially available in multiple countries outside the U.S. EndoBarrier is not approved for sale in the U.S. and is limited by federal law to investigational use only in the United States. GI Dynamics is conducting a pivotal clinical trial of EndoBarrier in the U.S. for the treatment of patients who have uncontrolled type 2 diabetes and are obese. Founded in 2003, GI Dynamics is headquartered in Lexington, Massachusetts. For more information, please visit www.gidynamics.com.
This announcement contains forward-looking statements concerning: our development and commercialization plans; our potential revenues, costs, profitability and financial performance; our ability to obtain reimbursement for our products; our clinical trials, and associated regulatory submissions and approvals; the number and location of commercial centres offering the EndoBarrier®; and our intellectual property position. These forward-looking statements are based on the current estimates and expectations of future events by the management of GI Dynamics, Inc. as of the date of this announcement and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those indicated in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with the possibility that clinical trials will not be successful or confirm earlier results; risks associated with obtaining funding from third parties; risks relating to the timing and costs of clinical trials, results of clinical trials, the timing of regulatory submissions, the timing and receipt of regulatory approvals, the timing and amount of other expenses; execution risks; competition; risks related to market acceptance of products; intellectual property risks; and assumptions regarding the size of the available market, benefits of our products, product pricing, timing of product launches, future financial results and other factors. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We do not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.