GI Dynamics Raises $85M USD in Aussie IPO

Xconomy Boston — 

Lexington, MA-based GI Dynamics, a medical device developer focused on treating obesity and diabetes, has raised $85 million ($80 million in Australian dollars) in an initial public offering in Australia, according to an online report from The Australian.

Earlier this summer the firm indicated that it hoped to go public in Australia, bringing in between $85 million and $102 million in U.S. dollars.

GI—backed by Advanced Technology Ventures, Cutlass Capital, Domain Associates, Johnson & Johnson Development, Polaris Venture Partners, and Seedling Enterprises—has been developing an intestinal liner and other devices aimed to limit the absorption of calories and nutrients in the gut. The products are designed to be less invasive than the cutting and stapling required for gastric bypass surgeries.