Lexington-based life sciences company GI Dynamics said Wednesday it has raised $57.5 million to fund a clinical trial in the United States of a diabetes treatment that already is available in seven other countries.
The company’s medical device, the EndoBarrier, is placed in the intestine by a tube inserted through a patient’s mouth. It is designed to trigger the release of hormones that suppress appetite, helping obese patients with type 2 diabetes manage their blood sugar levels.
GI Dynamics said the funds were raised from private investors in the United States, Australia and other countries but did not identify individual investors.
This financing allows us to fully and rapidly resource our pivotal trial in the United States while continuing to expand our commercial footprint and sales ramp in Europe, Australia, South America and the Middle East,” GI Dynamics chief executive Stuart A. Randle said in a statement.
The EndoBarrier is commercially available in The United Kingdom, Germany, Austria, Australia, Israel, Chile, and the Netherlands.Callum Borchers can be reached at email@example.com. Follow him on Twitter @callumborchers.