GI Dynamics raises $3m

GI Dynamics (ASX:GID) said late last week that it closed the second tranche of a private placement, bringing in a total of $2.8 million through the issuance of CHESS Depository Interests.

The company said that through the second tranche, it issued approximately 197.2 million CDIs, which represent 3.9 million shares of common stock, to “sophisticated and professional investors,” in the U.S., Australia and Guernsey at a price of approximately 1¢ (AUD 2¢) per CDI.

Funds raised in the placement will be used to support continued development of the EndoBarrier and the GID 18-1 U.S. pivotal trial of the device, GI Dynamics said.

“We are pleased to receive the continued support of our investors and are working diligently as we prepare to initiate the pivotal trial of EndoBarrier in the United States: GID 18-1,” prez & CEO Scott Schorer said in a press release.

Last month, GI Dynamics said that it tapped a new notified body in Europe, nearly a year after losing CE Mark approval there, as it eyes a market return for its EndoBarrier device by the end of next year.

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