GI DYNAMICS, INC. Boston, United States Sydney, Australia
31 July 2017 AEST
Investor Relations United States: Janell Shields Investor Relations
+1 (781) 357-3280
investor@gidynamics.com
Appendix 4C: Quarter ended 30 June 2017 BOSTON, Massachusetts, United States, and SYDNEY, Australia - 31 July 2017 AEDT.GI Dynamics, Inc. (ASX: GID) (the Company), a medical technology company that has developed an innovative device to improve outcomes for patients battling type 2 diabetes and obesity, today released its Appendix 4C - Quarterly Cash Flow Report for the quarter ending 30 June 2017 (the Quarter).
Key Financial InformationAppendix 4C, which has been prepared in U.S. dollars under U.S. GAAP, is attached; the results disclosed in Appendix 4C are unaudited. The Company also plans to file its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission and the Australian Securities Exchange on or before 15 August 2017. The Form 10-Q will provide financial statements as of and for the three and six- month periods ended 30 June 2017, along with management's discussion and analysis of financial condition and results of operations.
As of 30 June 2017, the Company had cash and cash equivalents of $8.0 million, compared to $5.4 million on 31 March 2017. The increase in the cash and cash equivalents balance of $2.6 million for the quarter is primarily comprised of $4.8 million of net cash provided from financing activities during the quarter as we completed a Secured Convertible Promissory Note financing for a principle amount of $5.0 million, offset in part by net cash used in operating activities of $2.2 million.
Media Relations United States: Nicole Franklin
+1 (617) 657-1312
nfranklin@jpa.com
355 Congress Street, Fourth Floor • Boston, Massachusetts • 02210
This document may contain confidential or privileged information intended for the addressee only. If you are not the addressee, be aware that any disclosure, copying, distribution, or use of the information is prohibited. If you have received this document in error, please disregard and destroy it.
GI Dynamics, Inc. Page 2
About GI DynamicsGI Dynamics, Inc. (ASX:GID), is the developer of EndoBarrier, the first endoscopically-delivered device therapy approved for the treatment of type 2 diabetes and obesity. EndoBarrier is not approved for sale in the United States and is limited by federal law to investigational use only in the United States. Founded in 2003, GI Dynamics is headquartered in Boston, Massachusetts. For more information, please visit www.gidynamics.com.
Forward-Looking StatementsThis announcement may contain forward-looking statements. These forward-looking statements are based on GI Dynamics management's current estimates and expectations of future events as of the date of this announcement. Furthermore, the estimates are subject to several risks and uncertainties that could cause actual results to differ materially and adversely from those indicated in or implied by such
forward-looking statements. These risks and uncertainties include but are not limited to, risks associated with obtaining funding from third parties; the consequences of stopping the ENDO trial and the possibility that future clinical trials will not be successful or confirm earlier results; the timing and costs of clinical trials; the timing of regulatory submissions; the timing, receipt and maintenance of regulatory approvals, including the reinstatement of any suspended approvals; the timing and amount of other expenses; the timing and extent of third-party reimbursement; risks associated with commercial product sales, including product performance, competition, market acceptance of products, intellectual-property risk; risks related to excess inventory; and risks related to assumptions regarding the size of the available market, the benefits of our products, product pricing, timing of product launches, future financial results and other factors, including those described in our filings with the U.S. Securities and Exchange Commission. Given these uncertainties, one should not place undue reliance on these forward-looking statements. We do not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or otherwise, unless we are required to do so by law.
355 Congress Street, Fourth Floor • Boston, Massachusetts • 02210
This document may contain confidential or privileged information intended for the addressee only. If you are not the addressee, be aware that any disclosure, copying, distribution, or use of the information is prohibited. If you have received this document in error, please disregard and destroy it.
Appendix 4C+Rule 4.7B
Quarterly report for entities subject to Listing Rule 4.7BIntroduced 31/03/00 Amended 30/09/01, 24/10/05, 17/12/10, 01/09/16
Name of entity | ||
GI Dynamics, Inc. | ||
ABN | Quarter ended ("current quarter") | |
151 239 388 | 30 June 2017 | |
Consolidated statement of cash flows | Current quarter $'000 USD | Year to date (6 months) $'000 USD | |
1. Cash flows from operating activities | 58 | 112 | |
1.1 | Receipts from customers | ||
1.2 | Payments for: | ||
(a) research and development | (830) | (1,693) | |
(b) product manufacturing and operating costs | (64) | (208) | |
(c) advertising and marketing | (209) | (375) | |
(d) leased assets | - | - | |
(e) staff costs | (766) | (1,579) | |
(f) administration and corporate costs | (1,070) | (1,809) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | 5 | 12 |
1.5 | Interest and other costs of finance paid | - | - |
1.6 | Income taxes paid | (12) | (27) |
1.7 | Government grants and tax incentives | - | - |
1.8 | Other (provide details if material) | 682 | 397 |
1.9 | Net cash from / (used in) operating | (2,206) | (5,170) |
activities | |||
2. | Cash flows from investing activities |
2.1 | Payment to acquire: |
| - - - - - - |
Other for the current quarter in item 1.8 above represents changes in working capital primarily an increase in our accrued liabilities.
Consolidated statement of cash flows | Current quarter $'000 USD | Year to date (6 months) $'000 USD | |
(d) intellectual property | - | - | |
(e) other non-current assets | - | - | |
2.2 | Proceeds from disposal of: | ||
(a) property, plant and equipment | - | - | |
(b) businesses (see item 10) | - | - | |
(c) investments | - | - | |
(d) intellectual property | - | - | |
(e) other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other (provide details if material) | - | - |
2.6 | Net cash from / (used in) investing | - | - |
activities | |||
| - 5,000 - (48) - (93) - - - | 207 5,000 - (125) - (185) - - - |
4,859 | 4,897 |
4. Net increase (decrease) in cash and cash | 5,365 | 8,293 |
equivalents for the period | ||
4.1 Cash and cash equivalents at beginning of quarter/year to date | ||
4.2 Net cash from / (used in) operating activities (item 1.9 above) | (2,206) | (5,170) |
4.3 Net cash from / (used in) investing activities (item 2.6 above | - | - |
4.4 Net cash from / (used in) financing activities (item 3.10 above) | 4,859 | 4,897 |
GI Dynamics Inc. published this content on 31 July 2017 and is solely responsible for the information contained herein.
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