Lexington, Mass., January 7, 2010 – GI Dynamics, a leader in non-surgical treatments for type 2 diabetes and obesity, today announced that it has received a strategic investment from Medtronic, Inc. (NYSE: MDT), the global leader in medical device technology and therapies designed to treat chronic diseases. Proceeds from this financing will be used to advance the clinical development and European commercialization of GI Dynamics’ EndoBarrier™ Gastrointestinal Liner for the treatment of metabolic disorders. The EndoBarrier has achieved CE mark status for the treatment of type 2 diabetes and obesity.
“Attracting capital from a leading company in the diabetes space is further testament to the significant potential of the EndoBarrier™ Gastrointestinal Liner to treat metabolic disorders,” said Stuart A. Randle, chief executive officer of GI Dynamics. “This financing further augments our balance sheet and puts us in an excellent position to execute on our strategies.”
About GI Dynamics
GI Dynamics is focused on developing effective, non-surgical approaches for treating type 2 diabetes and obesity. The company’s patented EndoBarrier™ technology has the potential to deliver medical interventions for people combating weight problems and diabetes or diabetes risk factors. Data from clinical trials demonstrate that the EndoBarrier™ Gastrointestinal Liner, an advanced device in the EndoBarrier portfolio, may provide rapid improvement in glycemic control and significant weight loss by modifying metabolic pathways. To-date, the EndoBarrier platform has been studied in more than 270 patients with compelling efficacy and safety data in both obese subjects and patients with type 2 diabetes.
The company is also developing the EndoBarrier Flow Restrictor, which is designed to further enhance the effectiveness of the liner by doubling the amount of weight-loss that can be achieved using the liner alone. Each device in the EndoBarrier portfolio is designed to assist patients to gain control of their blood sugar and achieve a healthier body mass index (BMI). GI Dynamics is collaborating with experts in endocrinology, gastroenterology, bariatric surgery and medical weight loss on these efforts.
Based in Lexington, Massachusetts and founded in 2003, GI Dynamics is backed by top-tier investors including Advanced Technology Ventures, Catalyst Health Ventures, Cutlass Capital, Domain Associates, Johnson & Johnson Development Corporation, Medtronic, Inc., and Polaris Venture Partners. For more information, visit GI Dynamics online at www.gidynamics.com.