GT Medical Technologies has secured a $35m venture loan facility from Horizon Technology Finance, an affiliate of Monroe Capital, for advancing its bioresorbable collagen tile, GammaTile.

The initial funding of $15m will be directed towards strategic commercial and clinical expansion plans for GammaTile, a treatment designed to improve outcomes for patients with various aggressive brain tumours.

GammaTile is embedded with Cesium-131 seeds and delivers targeted radiation therapy directly to the tumour site.

This method aims to reduce tumour recurrence by providing a high dose of radiation while minimising exposure to the surrounding healthy tissue.

The loan will support GT Medical's objectives to increase access to care and expand the use of the GammaTile therapy.

GT MedTech CEO Per Langoe said: “We are delighted to have Horizon's support as we expand the reach of our innovative targeted radiation solution.

“Our partnership with Horizon Technology Finance will allow us to continue our strategic commercial and market expansion initiatives, helping bring GammaTile to more patients in need.”

The venture loan facility will enable GT Medical to pursue its strategic goals, including broadening the availability of GammaTile for patients diagnosed with high-grade gliomas, brain metastases, and aggressive meningiomas.

The company has already received support from investors, including Glide Healthcare Partners, MVM Partners, MedTech Venture Partners, and BlueStone Venture Partners.

GT MedTech chief financial officer Sandeep Yadav said: “This partnership with Horizon allows us to continue to invest more of our resources into GammaTile and further the company's expansion within the brain tumour space.”

In May 2024, GT Medical and Theragenics teamed up to expand physician access to Cesium-131 seeds for brachytherapy, a type of internal radiotherapy.