US-based diabetes and obesity treatment company GI Dynamics, backed by the corporate venturing units of US-based healthcare companies Johnson & Johnson and Medtronic, has filed to float in Australia.
The company is looking to raise between A$85m ($88m) and A$102m, according to a filing with Australian regulator Australian Securities and Investment Commission.
The two corporations are investors in the company alongside venture capital firms Advanced Technology Ventures, Angel Healthcare Investors, Catalyst Health Ventures, Cutlass Capital, Domain Associates and Polaris Venture Partners.
GI Dynamics appears to have raised at least $76m. It had raised $61m at the time of a $15m extension to its series C round in February 2009 and in January 2010 announced a follow on fundraising from Medtronic. Although terms were undisclosed in the Medtronic announcement, a contemporaneous filing with the Securities and Exchange Commission said GI Dynamics raised $15m.
Separately Medtronic has signalled it would like to take part in an upcoming private placement of A$19.7m raised by GI Dynamics, which would be concurrent to the initial public offering, news provider Mass Device said, citing Australian regulatory documents.
GI Dynamics was founded in 2003 and it develops non-surgical treatments for diabetes and obesity.