GI Dynamics falls 50pc on product suspension
GI Dynamics investors aren’t waiting to see whether it can survive a suspension in sales of its main product to treat type 2 diabetes as the medical device maker’s shares fell 50 per cent.
Biotechnology investors were rattled by two shock announcements on Tuesday, with medical device maker GI Dynamics falling as much as 50 per cent in the session and speculative stem-cell outfit Regeneus losing 39 per cent of its value before scrambling to halt trading.
US-based GI Dynamics said on Monday it had suspended shipments of its EndoBarrier products labelled with a CE mark, which is a regulatory approval used predominantly in Europe, because its reporting systems were not up to scratch. The device is used in the treatment of type 2 diabetes.
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