February 09, 2009

VentureWire

GI Dynamics Swallows $15M More In Series C

 
Medical device developer GI Dynamics Inc. has raised an additional $15 million in Series C financing, bringing the total raised in the round to $45 million.


Advanced Technology Ventures, Catalyst Health and Technology Partners, Domain Associates, Cutlass Capital, Johnson & Johnson Development Corp., Polaris Venture Partners and Seedling Enterprises, all investors in a $30 million tranche in 2006, provided the new money.


'All the investors from '06 returned, except for a couple of individuals,' said Stuart A. Randle, president and chief executive of GI Dynamics.


Randle declined to provide much more information on the tranche than what was listed in a recent Securities and Exchange Commission filing or on the company's development beyond what is on its Web site.


Based in Lexington, Mass., GI Dynamics was founded in 2003 and is developing the EndoBarrier, a minimally invasive device for metabolic control to treat diabetes and obesity. The EndoBarrier is a gastrointestional liner to prevent the patient from taking in nutrients and calories in the intestine.


'We're in clinical trials now for two indications: obesity and Type 2 diabetes,' Randle said.


Besides the $30 million Series C first tranche, GI Dynamics raised a $12 million Series B in May 2004 and a $4.1 million Series A round in July 2003.