New investor Viking Global Investors led the financing round. Key existing investors, including MVM Partners, Gilde Healthcare, Evidity Health Capital, Medtech Venture Partners and FemHealth Ventures participated, too. The funds add to a $53 million Series D round completed last year.
Tempe, Arizona-based GT Medical plans to use funds to support its GammaTile radiation therapy device. The radiation therapy, placed at the time of brain tumor removal surgery, delivers immediate, targeted radiation to the tumor resection site when cancer cells are at their lowest residual levels.
GT Medical said typical approaches require delays between surgery and the initiation of radiation to allow for wound healing. However, its approach eliminates the common gap by starting treatment immediately. Immediate, concentrated radiation directly at the tumor site can maximize treatment effectiveness against remaining cancer cells. It also reduces the risk of regrowth, the company says.
With the funding, the company plans to use proceeds to accelerate investments across commercial and operation initiatives. This follows the release of the final data from its ROADS randomized controlled trial last month. It plans to support the continued expansion of its recently initiated BRIDGES trial in patients with newly diagnosed glioblastomas (GBMs).
“This financing is validation of GammaTile’s potential to be a standard of care treatment for operable brain tumors and will accelerate our ability to bring this important therapy to even more patients,” said Per Langoe, CEO at GT Medical Technologies.
