GT Medical Technologies—a medical device company with the corporate purpose of improving the lives of patients with brain tumors—announced it has secured a $35 million venture loan facility, of which $15 million has been initially funded from Horizon Technology Finance Corporation, an affiliate of Monroe Capital.
The company will use these loan proceeds to execute strategic commercial and clinical expansion plans for GammaTile. Abd these initiatives will drive key corporate objectives that will support access to care, help patients diagnosed with high-grade gliomas, brain metastases, and aggressive meningiomas, and expand GammaTile utilization.
GammaTile is a bioresorbable collagen tile embedded with Cesium-131 seeds, a radioactive isotope that offers a high dose of radiation directly to the tumor cavity, helping to reduce tumor recurrence. And unlike external beam radiation therapy, GammaTile uses surgically targeted radiation therapy that minimizes excess radiation exposure and potential damage to healthy tissue.
The company is also backed by top-tier investors, including MVM Partners, Glide Healthcare Partners, MedTech Venture Partners and BlueStone Venture Partners.
KEY QUOTES:
“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.”
-Per Langoe, Chief Executive Officer of GT MedTech
“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 tumor space. We continue to be driven by the limitations of the current standard of care treatments and will use this funding to expand our commercial teams in order to reach more patients in need of this treatment throughout the country.”
-Sandeep Yadav, Chief Financial Officer at GT MedTech
“GT MedTech is pioneering brain tumor treatment with its FDA-cleared GammaTile. This solution will help transform the standard of care, while offering a cost-effective reimbursement profile to hospitals, creating a clear win for all stakeholders in the healthcare ecosystem.”
-Gerald A. Michaud, President of Horizon
