GT Medical Technologies announced it completed a $37 million first close of a Series D financing round. The funds support the completion of clinical studies for the Tempe, Arizona-based company’s GammaTile system. That includes the ROADS clinical study evaluating GammaTile for newly diagnosed brain metastases and the GESTALT clinical trial for patients with newly diagnosed glioblastomas (GBMs).
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GT Medical also plans to use funds to support the continued commercialization of GammaTile. The FDA-cleared bioresorbable radiotherapy implant treats brain tumours. GammaTile, a bioresorbable collagen tile, features embedded seeds of Cesium-131, a radioactive isotope. It delivers a high dose of radiation directly to the tumour cavity to help reduce tumour recurrence.
Unlike external beam radiation therapy, GammaTile uses surgically targeted radiation therapy. This minimizes excess radiation exposure and potential damage to healthy tissue.
This funding round adds to a $35 million venture loan facility brought in last September.
Evidity Health Capital led the financing alongside new investor Accelmed Partners. Existing investors MVM Partners, Gilde Healthcare and Medtech Venture Partners also participated. In conjunction with the financing. Dr. Adam Lessler, partner at Evidity and Camilo Rico, VP at Accelmed, joined GT Medical’s board.
“Since 2019, doctors across the country have chosen GammaTile as a proven treatment for patients with operable brain tumours,” said Per Langoe, Chief Executive Officer at GT MedTech. “With the support of Evidity and Accelmed, we are well-positioned to expand the availability of GammaTile and advance our ongoing clinical studies to continue transforming brain tumour treatment.”
