GT Medical Technologies has secured a $37m first close of a Series D funding round to expedite the completion of pivotal clinical studies for its bioresorbable radiotherapy implant, GammaTile Therapy, for brain tumours.
Evidity Health Capital spearheaded the funding round with new investor Accelmed Partners. Current investors such as Gilde Healthcare, MVM Partners, and Medtech Venture Partners also contributed to the funding.
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The capital injection is set to accelerate the ROADS and GESTALT clinical trials, which focus on GammaTile for brain metastases and glioblastomas, respectively.
Additionally, the funds will bolster the ongoing commercialisation of GammaTile, which has already received clearance from the US Food and Drug Administration (FDA).
With the financing, Adam Lessler from Evidity Health Capital and Accelmed Partners’ vice-president Camilo Rico will join GT Medical’s board.
GT Medical Technologies chief financial officer Sandeep Yadav said: “The Series D financing round underscores the confidence investors have in GammaTile Therapy and our vision to innovate brain tumour care. We are thrilled to welcome Adam and Camilo to our Board of Directors as we enter this next phase of growth.”
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By GlobalDataGammaTile offers a new approach to treating brain tumours by delivering radiation therapy directly to the surgical cavity post-tumour removal. This method aims to prevent tumour regrowth by targeting cancer cells at a vulnerable stage and reducing radiation exposure to healthy tissue of the brain.
The company noted that it recently reached a milestone of its GammaTile Therapy being used in over 1,700 patients, and more than 700 patients have participated in clinical studies.
It anticipates a second close of the funding round in the first quarter of this year, intending to expand its clinical and commercial footprint to meet the implant’s demand.
Last May, the company partnered with Theragenics Corporation to expand physician access to Cesium-131 seeds, utilised in brachytherapy, which is a form of internal radiotherapy.
