{"id":5996,"date":"2020-03-02T13:30:52","date_gmt":"2020-03-02T18:30:52","guid":{"rendered":"https:\/\/eu.morphicmedical.com\/?p=5996"},"modified":"2025-09-25T09:03:32","modified_gmt":"2025-09-25T13:03:32","slug":"gi-dynamics-announces-change-to-board-of-directors-2","status":"publish","type":"post","link":"https:\/\/eu.morphicmedical.com\/de\/gi-dynamics-announces-change-to-board-of-directors-2\/","title":{"rendered":"GI Dynamics Announces Change to Board of Directors"},"content":{"rendered":"

BOSTON and SYDNEY \u2014 30 March 2020<\/strong> \u2014 GI Dynamics\u00ae<\/sup> Inc. (ASX:GID), a medical device company that is developing EndoBarrier\u00ae<\/sup> for patients with type 2 diabetes and obesity, announces today that Timothy Barberich resigned as a non-executive director of its Board of Directors (the Board) effective as of 30 March 2020. Mr. Barberich joined the Board in 2011.<\/p>\n

\u201cIt has been a pleasure serving on the Board of GI Dynamics for these past 9 years,\u201d said Barberich. \u201cEndoBarrier shows great promise as a treatment option for type 2 diabetes, and GI Dynamics is positioned well for the future.\u201d<\/p>\n

\u201cThe Board is grateful for Tim\u2019s years of service to the shareholders and patients of GI Dynamics and we wish him the best,\u201d said Daniel Moore, chairman of the Board. \u201cWe welcome our newest director, Praveen Tyle as member of the Audit Committee and chairman of the Compensation Committee in Tim\u2019s place.\u201d<\/p>\n

On Mr. Barberich\u2019s resignation, Praveen Tyle, Ph.D. has been appointed to the Board committee positions of compensation committee chairman and audit committee member, replacing each of Mr. Barberich\u2019s positions.<\/p>\n

This announcement has been authorized for release by Charles Carter, chief financial officer and company secretary of GI Dynamics.<\/p>\n

 <\/p>\n

About GI Dynamics<\/strong><\/p>\n

GI Dynamics\u00ae<\/sup>, Inc. (ASX:GID) is the developer of EndoBarrier\u00ae<\/sup>, the first endoscopically-delivered medical device for the treatment of type 2 diabetes and the reduction of obesity. EndoBarrier is not approved for sale and is limited by federal law to investigational use only. EndoBarrier is subject to an Investigational Device Exemption by the FDA in the United States and is entering concurrent pivotal trials in the United States and India.<\/p>\n

Founded in 2003, GI Dynamics is headquartered in Boston, Massachusetts. For more information please visit the Company website at www.gidynamics.com<\/a>.<\/p>\n

\u00a0<\/strong><\/p>\n

Forward-Looking Statements<\/strong><\/p>\n

This announcement may contain forward-looking statements. \u00a0These statements are based on management\u2019s current estimates and expectations of future events as of the date of the press release.\u00a0 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.<\/p>\n

These risks and uncertainties include, but are not limited to, risks associated with COVID-19 related disruptions to the Company\u2019s operations and financing strategy; the Company\u2019s ability to continue to operate as a going concern; the Company\u2019s, its critical vendors\u2019, and key regulatory agencies\u2019 ability to resume operational capabilities subsequent to the removal of COVID-19 pandemic restrictions; the Company\u2019s ability to continue STEP-1 and I-STEP clinical trials as a result of COVID-19 restrictions; the Company\u2019s ability to raise sufficient additional funds to continue operations; the Company\u2019s ability to execute STEP-1 under the FDA\u2019s Investigational Device Exemption; the Company\u2019s ability to enlist additional clinical trial sites and enroll patients in accordance with STEP-1; the risk that the FDA stops STEP-1 early as a result of the occurrence of certain safety events or does not approve an expansion of STEP-1; the Company\u2019s ability to enroll patients in accordance with I-STEP; the Company\u2019s ability to secure a CE Mark; the Company\u2019s ability to maintain compliance with its obligations under its existing convertible note and warrant agreements executed with Crystal Amber, including its obligations to make payment on the convertible note that is due on 31 March 2020 and its ability to restructure the terms of the convertible note with Crystal Amber that is due on 31 March 2020 if the Company is unable to raise sufficient funds to enable it to fully repay such convertible note when due; obtaining and maintaining regulatory approvals required to market and sell the Company\u2019s products; 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; the timing and amount of other expenses; the timing and extent of third-party reimbursement; intellectual-property risk; risks related to excess inventory; risks related to assumptions regarding the size of the available market; the benefits of the Company\u2019s products; product pricing; timing of product launches; future financial results; and other factors, including those described in the Company\u2019s filings with the SEC.<\/p>\n

Given these uncertainties, one should not place undue reliance on these forward-looking statements. The Company does 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 it is required to do so by law.<\/p>\n

 <\/p>\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

Timothy Barberich resigned as a non-executive director of its Board of Directors effective as of 30 March 2020. Mr. Barberich joined the Board in 2011.<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[35],"tags":[],"class_list":["post-5996","post","type-post","status-publish","format-standard","hentry","category-pressemitteilungen"],"acf":[],"_links":{"self":[{"href":"https:\/\/eu.morphicmedical.com\/de\/wp-json\/wp\/v2\/posts\/5996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eu.morphicmedical.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eu.morphicmedical.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eu.morphicmedical.com\/de\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/eu.morphicmedical.com\/de\/wp-json\/wp\/v2\/comments?post=5996"}],"version-history":[{"count":0,"href":"https:\/\/eu.morphicmedical.com\/de\/wp-json\/wp\/v2\/posts\/5996\/revisions"}],"wp:attachment":[{"href":"https:\/\/eu.morphicmedical.com\/de\/wp-json\/wp\/v2\/media?parent=5996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eu.morphicmedical.com\/de\/wp-json\/wp\/v2\/categories?post=5996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eu.morphicmedical.com\/de\/wp-json\/wp\/v2\/tags?post=5996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}