GT Medical Technologies, Inc., a medical device company dedicated to improving the lives of patients with brain tumors, today announced the company has completed the close of its oversubscribed $53 million Series D equity financing.

The final close of the Series D comprised an additional $16 million from new investors including FemHealth Ventures, Warren Point Capital, an undisclosed strategic investor, and increased commitments from all existing institutional investors. Earlier this year, GT Medical Technologies announced the completion of a $37 million first close of the Series D equity financing led by Evidity Health Capital, alongside new investor Accelmed Partners and existing investors MVM Partners, Gilde Healthcare, and Medtech Venture Partners.

"Increasing the size of the Series D allows us to stay focused on driving results for patients into the foreseeable future," said Per Langoe, Chief Executive Officer at GT Medical Technologies. "We are thankful for our investors' continued support as we expand our commercial footprint and clinical initiatives for GammaTile®."

The company will use the funds to drive the expansion of its U.S. commercial activities for GammaTile. In addition, the financial resources will enable GT Medical Technologies to complete enrollment of its ROADS randomized controlled trial for newly diagnosed brain metastases and will fund an additional randomized control trial of GammaTile in newly diagnosed glioblastoma cases.

"FemHealth Ventures is excited to join GT Medical Technologies as an investor and support the commercial acceleration of GammaTile Therapy," stated Maneesha Ghiya, Managing Partner at FemHealth Ventures. "We are proud to back a company that is transforming the standard of care in oncology and shares our commitment to improving health outcomes, including meaningful applications in women's health."

GammaTile is an innovative form of radiation therapy placed at the time of brain tumor removal surgery, delivering immediate, targeted radiation to the tumor site when cancer cells are at their lowest levels. Unlike conventional approaches, which often require a delay between surgery and radiation therapy to allow for wound healing, GammaTile eliminates this treatment gap. By delivering immediate, localized radiation directly at the tumor site, it is designed to maximize the treatment's effectiveness against remaining cancer cells to reduce the risk of regrowth.1

"The completion of an oversubscribed Series D equity financing from premier medical device investors is a testament to the important work of our team and mission," added James Leech, Chief Financial & Strategy Officer of GT Medical Technologies.

 

Source: prnewswire.com

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