GI Dynamics - Top 10 VC deals, H2 2011
Company: GI Dynamics
Based: Lexington, MA; Sydney, Australia
Amount: $37.5 million
Scoop: GI Dynamics raised more than $37 million in September in a private placement round, according to VentureDeal.com. But its total haul reached much higher than that, thanks to an IPO in Australia announced around the same time. Combined, GI pulled in more than $85 million. So what will the company do with all of that cash? It will seriously boost global marketing efforts and U.S. clinical development for its EndoBarrier product, a device designed to treat Type 2 diabetes and/or obesity by mimicking gastric bypass surgery without the bypass. It keeps food from the part of the intestine in which it is implanted. Doctors implant it during an endoscopic procedure and it can stay in the body for up to a year. The EndoBarrier already has regulatory approval in the EU and the U.K., and the company sells it in Chile, Germany, the U.K., the Netherlands, Austria and soon, in Australia.