GI Dynamics announces the launch of the share purchase plan and the private placement of AUS $ 57.5 million.
Sources say that GI Dynamics will use the proceeds raised from its Placement and Share Purchase Plan to fund a U.S. pivotal clinical trial and for other general working capital purposes.
GI Dynamics CEO Stuart A. Randle commented, "We are very pleased with the successful completion of this financing. With the FDA's approval last year to allow us to move forward with a pivotal trial in the United States rather than a pilot trial, our clinical investment needs increased. This financing allows us to fully and rapidly resource our pivotal trial (The ENDO Trial) in the United States while continuing to expand our commercial footprint and sales ramp in Europe, Australia, South America and the Middle East and build the case for reimbursement in key markets."
GI Dynamics released an announcement for interested eligible shareholders who would like to know about the terms of the offer listed under the Share Purchase Plan (SPP).
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