GT Medical Secures $53M Funding for Brain Tumor Device Commercialization

GT Medical Technologies has successfully closed a $53 million funding round to support the commercialization and further development of its innovative brain tumor treatment device, GammaTile. The company, which initially raised $37 million in January, has now secured an additional $16 million from new and existing investors.

GammaTile: A Novel Approach to Brain Tumor Treatment

GammaTile is a groundbreaking device designed to deliver targeted radiation therapy to residual cancer cells following brain tumor removal surgery. The technology consists of radioactive sources embedded in a collagen matrix, which is placed in the surgical cavity to eliminate any remaining cancer cells.

The U.S. Food and Drug Administration (FDA) first cleared GammaTile for use in recurrent cancers in 2018. In 2020, the FDA expanded the device's label to include newly diagnosed malignant tumors, broadening its potential impact on patient care.

Funding Allocation and Clinical Trial Progress

The newly acquired funds will be utilized to expand GT Medical's commercial activities in the United States and advance ongoing clinical trials. A key focus for the company is completing enrollment in a randomized controlled trial involving patients with newly diagnosed brain metastases.

Additionally, GT Medical has announced plans to initiate an additional randomized trial focusing on newly diagnosed glioblastoma cases. Per Langoe, CEO of GT Medical, emphasized that this funding will enable the company to "stay focused on driving results for patients into the foreseeable future."

Strategic Partnerships and Recognition

In an effort to optimize GammaTile's integration into healthcare providers' workflows, GT Medical has launched the GammaTile Center of Excellence Program. This initiative recognizes physicians and institutions demonstrating exceptional expertise in the GammaTile procedure.

The USC Brain Tumor Center was the first facility to receive the center of excellence designation, with additional institutions subsequently awarded this status. This program underscores GT Medical's commitment to partnering with healthcare providers and ensuring the effective implementation of their technology.

As GT Medical continues to advance its innovative approach to brain tumor treatment, the substantial funding and strategic initiatives position the company for significant growth and potential improvements in patient outcomes within the neuro-oncology field.