Within the loan facility, Horizon Technology Finance Corporation, an affiliate of Monroe Capital, funded an initial $15 million. In addition to Horizon, the company has backing from a number of top-tier investors. That list includes MVM Partners, Glide Healthcare Partners, MedTech Venture Partners and BlueStone Venture Partners.
“We are delighted to have Horizon’s support as we expand the reach of our innovative targeted radiation solution,” said Per Langoe, CEO of GT Medical. “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.”
Tempe, Arizona-based GT Medical plans to use the loan proceeds to execute strategic and clinical expansion plans for its GammaTile. These initiatives could drive key corporate objectives supporting access to care and expand GammaTile utilization. The company says it aims to help patients diagnosed with high-grade gliomas, brain metastases, and aggressive meningiomas.
GammaTile, a bioresorbable collagen tile, features embedded seeds of Cesium-131, a radioactive isotope. It delivers a high dose of radiation directly to the tumor cavity to help reduce tumor recurrence. Unlike external beam radiation therapy, GammaTile uses surgically targeted radiation therapy. This minimizes excess radiation exposure and potential damage to healthy tissue.
“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,” said Sandeep Yadav, GT Medical CFO.
GT Medical featured on our list of 20 medical device startups you need to know in 2020.
