US-based medical device maker company GI Dynamics has raised $80m in a flotation on the Australian stock exchange and private placement of stock.
The company floated in Australia rather than the US as its EndoBarrier product (pictured) for type II diabetes has regulatory approval in the country but has yet to be passed by America’s.
The lead manager of the initial public offering was Inteq, while Bell Potter Securities was broker.
GI said its investors included healthcare providers Johnson & Johnson Development Corporation and Medtronic, as well as venture capital firms Polaris, Domain Associates, Cutlass Capital, Catalyst Health Ventures, Angel Healthcare Investors and Advanced Technology Ventures.
Medtronic invested $5m as part of the near-$21m private placement having previously invested $15m, according to news provider MedCity News.
GI raised $45m in its series C round in February 2009, having previously raised $16m in its first two rounds, while Medtronic became an investor in January 2010.