GT Medical Technologies, Inc. (GT MedTech), a medical device company with a corporate purpose of improving the lives of patients with brain tumors, announced the company has completed a $37 million first close of a Series D financing round.
The financing was led by Evidity Health Capital, alongside new investor Accelmed Partners. Also participating were existing investors MVM Partners, Gilde Healthcare and Medtech Venture Partners. The funds will accelerate the completion of the ROADS clinical study that is focused on GammaTile for newly diagnosed brain metastases, and the GESTALT clinical trial for patients with newly diagnosed glioblastomas (GBMs). In addition, the funds will support the continued commercialization of GammaTile®, the Company’s FDA cleared bioresorbable radiotherapy implant for the treatment of brain tumors.
In conjunction with the financing, Adam Lessler, MD, Partner at Evidity Health Capital, and Camilo Rico, Vice President at Accelmed Partners, will join GT MedTech’s Board of Directors.
“Since 2019, doctors across the country have chosen GammaTile as a proven treatment for patients with operable brain tumors,” 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 tumor treatment.”
Also Read: DeepSight™ Names Dr. Diku Mandavia, M.D. as CMO
By delivering tile-based radiation therapy directly into the surgical cavity at the time of tumor removal, GammaTile provides immediate, localized treatment. This approach targets remaining cancer cells when they are at their lowest levels to help prevent regrowth while minimizing radiation exposure to healthy brain tissue.
“The Series D financing round underscores the confidence investors have in GammaTile Therapy and our vision to innovate brain tumor care,” added Sandeep Yadav, Chief Financial Officer of GT MedTech. “We are thrilled to welcome Adam and Camilo to our Board of Directors as we enter this next phase of growth.”
Dr. Lessler stated, “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.”
Mr. Rico shared, “Accelmed is excited to support GT MedTech as it accelerates the adoption of GammaTile Therapy. GT MedTech complements our strategy of partnering with innovative companies and management teams with a strong commitment to advance life changing therapies.”
Source: PRNewswire