GT Medical Technologies has raised $10 million in a series A round led by Medtech Venture Partners with participation from BlueStone Venture Partners. The Tempe, AZ-based company has developed the Gamma Tile, a surgically targeted radiation therapy for patients with brain tumors.
The device was cleared by FDA in July of 28 and has had a limited market release. Proceeds from the financing will support the continued commercialization of the Gamma Tile.
“GammaTile Therapy was developed by a team of brain tumor specialists who were running out of options for their patients,” Matthew Likens, president and CEO of GT MedTech said in a release. “Their urgency to find a viable solution for these patients led to the creation of GammaTile Therapy, which is designed to be immediate, safe, predictable, and effective. With this funding, in addition to adding seasoned industry executives to our team, we look forward to building and expanding our commercialization efforts so that we can offer this new option to patients at brain tumor treatment centers across the U.S.”
The company said that about 400,000 patients in the U.S. are newly diagnosed with some type of brain tumor each year. Despite the efforts of the most skilled brain tumor specialists throughout the world, outcomes for patients with brain tumors have improved very little over the past 30 years. Recurrence of brain tumors is common, and about half of all patients treated for brain tumors have their disease recur within a year.
The device is placed directly at the site of the tumor after excision is complete and immediately begins targeting residual tumor cells before they can replicate. GammaTile to protect healthy brain tissue and facilitate rapid, accurate placement during the procedure, the therapy features a bioresorbable, conformable, 3D-collagen tile and uniform radiation source.
“GT MedTech’s innovative technology has the potential to significantly improve the lives of patients with brain tumors and their caregivers,” Mara Aspinall, co-founder and managing director of BlueStone Venture Partners, said in a release. “By taking part in this funding round and working alongside the Board of Directors, BlueStone Venture Partners hopes to help further advance GT MedTech’s vital technology.”