Medtronic Invests in GI Dynamics
Luke Timmerman1/7/10
GI Dynamics, the Lexington, MA-based maker of a device for treating obesity and diabetes, said today that the device giant Medtronic (NYSE: MDT) has made a strategic investment in the company. The amount wasn’t disclosed in a statement, although GI Dynamics submitted a regulatory filing that says it just raised $15 million from a single investor. The GI Dynamics technology, called EndoBarrier, is like a sleeve that lines the gut and creates a barrier that controls how food is absorbed into the small intestine. Last month, the company received clearance to market the product in Europe.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
