#United States #Tempe #GammaTile #GT Medical #brain tumors

GT Medical Technologies Secures $37 Million in Series D Financing to Enhance GammaTile® Accessibility

GT Medical Technologies, Inc. (GT MedTech), a pioneering medical device firm dedicated to improving the lives of patients grappling with brain tumors, has successfully completed the first close of a Series D financing round, amassing $37 million. This significant investment was spearheaded by Evidity Health Capital, with additional support from new investor Accelmed Partners and existing shareholders, including MVM Partners, Gilde Healthcare, and Medtech Venture Partners.

The funds raised will primarily fuel the completion of the ROADS clinical study, which is focused on the utilization of GammaTile for newly diagnosed brain metastases, as well as the GESTALT clinical trial aimed at patients diagnosed with glioblastomas (GBMs). Furthermore, the financing will bolster the commercialization efforts of GammaTile®, an FDA-approved bioresorbable radiotherapy implant specifically designed for the treatment of brain tumors.

Key Milestones and Future Plans

As GT Medical Technologies prepares to enter this new growth stage, it celebrates important milestones related to GammaTile's adoption. Since its market introduction in January 2019, the innovative treatment has now been employed by over 100 leading medical centers in the U.S., positively impacting more than 1,700 patients, with over 700 of them currently enrolled in ongoing GammaTile clinical studies.

Per Langoe, CEO of GT MedTech, expressed his gratitude towards the investors and their confidence in GammaTile, stating, "Since 2019, doctors across the country have chosen GammaTile as a proven treatment for patients with operable brain tumors. We are well-positioned to expand the availability of GammaTile and advance our ongoing clinical studies to continue transforming brain tumor treatment."

The unique design of GammaTile allows for the targeting of remaining cancer cells at critical moments directly during the surgical procedure, minimizing radiation exposure to healthy tissue while ensuring patients receive immediate treatment. Sandeep Yadav, CFO, underscored the pivotal role this financing plays in underscoring investor confidence in GammaTile Therapy and the company's vision to innovate brain tumor care.

Strategic Board Additions

In conjunction with the funding, Dr. Adam Lessler, a Partner at Evidity Health Capital, and Camilo Rico, Vice President at Accelmed Partners, will join the Board of Directors of GT MedTech. Dr. Lessler highlighted the transformative potential of GammaTile, asserting, "GammaTile's unique combination of surgical precision and immediate, targeted radiation represents a transformative leap in oncology care. We are proud to partner with GT MedTech to bring this life-changing technology to more patients."

Upcoming Changes and Context

Looking ahead, GT MedTech anticipates finalizing a second close of the Series D funding round in the first quarter of 2025, which will further accelerate clinical and commercial operations in response to the growing demand for GammaTile Therapy. The company's commitment to improving the treatment landscape for brain tumors is evident, as it seeks to address unmet medical needs with innovative solutions, empowering both patients and healthcare providers.

About GT Medical Technologies

Founded by a dedicated team aiming to elevate brain tumor treatment standards, GT Medical Technologies remains steadfast in its mission to enhance patient outcomes through cutting-edge innovations. As the company continues to grow and evolve, the future of GammaTile and its potential to transform brain tumor care looks promising.