MINNEAPOLIS, Minnesota — Medtronic Inc. has invested a reported $15 million in GI Dynamics, a Massachusetts company that’s developing a gastrointestinal liner for type 2 diabetes and obesity treatment.
GI Dynamics will use the funding to push sales of the device in Europe, where it has already won regulatory approval, according to a statement from the Lexington, Mass.-based company.
The statement did not specify the amount of Medtronic’s investment, however GI Dynamics on Wednesday filed a regulatory document stating it had raised $15 million from a single investor. CEO Stuart Randle would not confirm whether Medtronic was the investor, Mass High Tech reported.
GI Dynamics’ EndoBarrier gastrointestinal liner is designed to limit food intake and is applied through the mouth into the small intestines. The device works by establishing a barrier between food consumed and the wall of the intestines, preventing absorption of food.
Since its 2003 founding, GI Dynamics has raised $75 million, Mass High Tech reported.
