GT Medical Technologies Raises $37 Million in Series D to Advance the Expansion of GammaTile® in the U.S. for Patients with Operable Brain Tumors
– Financing Led by Evidity Health Capital –
TEMPE, Ariz., Jan. 16, 2025 /PRNewswire/ — GT Medical Technologies, Inc. (GT MedTech), a medical device company with a corporate purpose of improving the lives of patients with brain tumors, today announced the company has completed a $37 million first close of a Series D financing round.
The financing was led by Evidity Health Capital, alongside new investor Accelmed Partners. Also participating were existing investors MVM Partners, Gilde Healthcare and Medtech Venture Partners. The funds will accelerate the completion of the ROADS clinical study that is focused on GammaTile for newly diagnosed brain metastases, and the GESTALT clinical trial for patients with newly diagnosed glioblastomas (GBMs). In addition, the funds will support the continued commercialization of GammaTile®, the Company’s FDA cleared bioresorbable radiotherapy implant for the treatment of brain tumors.
In conjunction with the financing, Adam Lessler, MD, Partner at Evidity Health Capital, and Camilo Rico, Vice President at Accelmed Partners, will join GT MedTech’s Board of Directors.
“Since 2019, doctors across the country have chosen GammaTile as a proven treatment for patients with operable brain tumors,” said Per Langoe, Chief Executive Officer at GT MedTech. “With the support of Evidity and Accelmed, we are well-positioned to expand the availability of GammaTile and advance our ongoing clinical studies to continue transforming brain tumor treatment.”
By delivering tile-based radiation therapy directly into the surgical cavity at the time of tumor removal, GammaTile provides immediate, localized treatment. This approach targets remaining cancer cells when they are at their lowest levels to help prevent regrowth while minimizing radiation exposure to healthy brain tissue.
“The Series D financing round underscores the confidence investors have in GammaTile Therapy and our vision to innovate brain tumor care,” added Sandeep Yadav, Chief Financial Officer of GT MedTech. “We are thrilled to welcome Adam and Camilo to our Board of Directors as we enter this next phase of growth.”
Dr. Lessler stated, “GammaTile’s unique combination of surgical precision and immediate, targeted radiation represents a transformative leap in oncology care. We are proud to partner with GT MedTech to bring this life-changing technology to more patients.”
Mr. Rico shared, “Accelmed is excited to support GT MedTech as it accelerates the adoption of GammaTile Therapy. GT MedTech complements our strategy of partnering with innovative companies and management teams with a strong commitment to advance life changing therapies.”
Recent GT MedTech Milestones
GT MedTech recently celebrated important milestones, reflecting the growing adoption of GammaTile. To date, more than 1,700 patients have been treated with GammaTile Therapy, and over 700 patients have been enrolled in GammaTile clinical studies.
Looking Ahead
GT MedTech anticipates completing a second close of the Series D round in Q1 2025, with plans to expand clinical and commercial operations to meet the growing demand for GammaTile Therapy.
About GT Medical Technologies, Inc.
GT MedTech was founded by a dedicated team of brain tumor specialists to address unmet needs in brain tumor treatment. The company is committed to improving the lives of patients with brain tumors through innovative solutions that elevate the standard of care.
About GammaTile®
Since its initial market release in the United States in January 2019, GammaTile has been adopted by more than 100 leading centers, underscoring its growing acceptance in both academic and community healthcare settings. For more information, visit gammatile.com and follow @GammaTile on Facebook, Instagram, LinkedIn and X.
About Evidity Health Capital
Evidity Health Capital invests in high-growth medical technology companies with innovative products that transform patient outcomes. Learn more at www.evidity.com.
About Accelmed Partners
Accelmed Partners is a lower middle-market private equity fund focused on acquiring and investing in U.S. commercial-stage HealthTech companies. Accelmed seeks to accelerate value and scale innovation across the HealthTech field by bringing to bear the team’s industry experience, operational and financial expertise, and strong global relationships. For more information, please visit www.accelmed.com.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding our expectations, beliefs, or projections. These forward-looking statements are based on management’s current expectations and involve significant risks and uncertainties that may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Such factors and risks which could cause actual results to differ materially from those in the forward-looking statements include, without limitation: regulatory risks such as changing CMS, NRC, FDA rules and regulations impacting clearance and/or reimbursement of indicated products; supply chain disruptions; clinical trial and investigation risks including adverse patient outcomes such as death and other severe complications; cost of capital and inflationary risk of raw materials; legal and regulatory risks associated with potential mergers, acquisitions, investments in joint ventures; other global and regulatory uncertainties. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Media Contact:
Dawn Fallon
New Dawn Communications
dfallon@newdawncomms.com
(732) 771-7808
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SOURCE GT Medical Technologies
