Lexington, MA-based GI Dynamics, a medical device developer focused on treating obesity and diabetes, has raised $85 million ($80 million in Australian dollars) in an initial public offering in Australia, according to an online report from The Australian.
Earlier this summer the firm indicated that it hoped to go public in Australia, bringing in between $85 million and $102 million in U.S. dollars.
GI—backed by Advanced Technology Ventures, Cutlass Capital, Domain Associates, Johnson & Johnson Development, Polaris Venture Partners, and Seedling Enterprises—has been developing an intestinal liner and other devices aimed to limit the absorption of calories and nutrients in the gut. The products are designed to be less invasive than the cutting and stapling required for gastric bypass surgeries.
Author: Erin Kutz
Erin Kutz has a background in covering business, politics and general news. She holds a bachelor’s degree in journalism from Boston University. Erin previously worked in the Boston bureau of Reuters, where she wrote articles on the investment management and mutual fund industries. While in college, she researched for USA Today reporter Jayne O’Donnell’s book, Gen Buy: How Tweens, Teens and Twenty-Somethings Are Revolutionizing Retail. She also spent a semester in Washington, DC, reporting Capitol Hill stories as a correspondent for two Connecticut newspapers and interning in the Money section of USA Today, where she assisted with coverage on the retail and small business beats. Erin got her first taste of reporting at Boston University’s independent student newspaper, as a city section reporter and fact checker and editor of the paper’s weekly business section.
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