GI Dynamics, Inc., a Lexington, MA-based developer of non-surgical approaches for treating type 2 diabetes and obesity, has received an undisclosed strategic investment from Medtronic, Inc. (NYSE: MDT), the leader in medical device technology and therapies designed to treat chronic diseases.
The company will use the funds to advance the clinical development and European commercialization of its EndoBarrier Gastrointestinal Liner for the treatment of metabolic disorders, which has achieved CE mark status for the treatment of type 2 diabetes and obesity.
As stated by Stuart A. Randle, chief executive officer of GI Dynamics, this financing will further augment the company’s balance sheet and put it in an excellent position to execute on its strategies.
The company 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.
FinSMEs
07/01/2010