Crystal Amber Fund buys up more of GI Dynamics

10th Feb 2017 15:58

(ShareCast News) - Crystal Amber Fund announced on Friday that it has acquired a further 16.08% of the issued Chess Depositary Interests in GI Dynamics, taking the fund's CDI holding in the company to 38.73%.The AIM-traded fund said GI Dynamics is the developer of EndoBarrier, the first minimally invasive device therapy approved for the treatment of type 2 diabetes and obesity.EndoBarrier is a temporary bypass sleeve that is endoscopically delivered to the duodenal intestine, offering similar effects to the surgical gastric bypass, Crystal's board said.It is CE mark-approved and commercially available in Europe and a number of countries outside of the United States."The fund supports the current management's strategy to commercialise the device in Europe, initiate a new FDA trial and continue to gather clinical data," the board said in a statement."This would build on 2016's successes, including the 300 patient UK trials led by the Association of British Clinical Diabetologists and the data announced from the German registry, which included 243 patients."The company has achieved partial reimbursement in Germany and Israel and has received preliminary reimbursement codes in Holland and Switzerland."Crystal Amber Fund said it believes that GI Dynamics has a world class technology, addressing an unmet clinical need, with its current share price a function of "shareholder disillusionment" resulting from past management disappointments.