GT Medical Technologies Gains $53M in Equity Financing

GT Medical Technologies Inc. has closed an oversubscribed $53 million Series D equity financing, nearly a third of which is from new supporters.

The Series D final close contained an additional $16 million from new investors including FemHealth Ventures, Warren Point Capital, an undisclosed strategic investor, and increased commitments from all existing institutional backers. Earlier this year, GT Medical Technologies completed a $37 million Series D equity financing led by Evidity Health Capital, alongside new investor Accelmed Partners and existing investors MVM Partners, Gilde Healthcare, and Medtech Venture Partners.

“Increasing the size of the Series D allows us to stay focused on driving results for patients into the foreseeable future,” GT Medical Technologies CEO Per Langoe said. “We are thankful for our investors’ continued support as we expand our commercial footprint and clinical initiatives for GammaTile.”

The company will use the funds to drive the expansion of its U.S. commercial activities for GammaTile. In addition, the money will enable GT Medical Technologies to complete enrollment in its ROADS randomized controlled trial for newly diagnosed brain metastases, and will fund an additional randomized control trial of GammaTile in newly diagnosed glioblastoma cases.

“FemHealth Ventures is excited to join GT Medical Technologies as an investor and support the commercial acceleration of GammaTile Therapy,” FairHealth Managing Partner Maneesha Ghiya stated. “We are proud to back a company that is transforming the standard of care in oncology and shares our commitment to improving health outcomes, including meaningful applications in women’s health.”

GammaTile is a form of radiation therapy performed during brain tumor removal surgery, delivering immediate, targeted radiation to the tumor site when cancer cells are at their lowest levels. Unlike conventional approaches, which often require a delay between surgery and radiation therapy to allow for wound healing, GammaTile eliminates this treatment gap. By delivering immediate, localized radiation directly at the tumor site, it is designed to maximize the treatment’s effectiveness against remaining cancer cells to reduce the risk of regrowth.¹

“The completion of an oversubscribed Series D equity financing from premier medical device investors is a testament to the important work of our team and mission,” GT Medical Technologies Chief Financial & Strategy Officer James Leech commented.

GT Medical Technologies recently celebrated some important milestones, reflecting the growing adoption of GammaTile. To date, more than 1,900 patients have been treated with GammaTile Therapy, and over 800 patients have been enrolled in GammaTile clinical studies. The company expects to complete enrollment in both the ROADS and GESTALT studies during this current quarter.

GT Medical Technologies was founded by a team of brain tumor specialists to address unmet needs in brain tumor treatment. Its product, GammaTile, is a U.S. Food and Drug Administration-cleared, bioabsorbable collagen implant embedded with radiation seeds, designed for patients with operable brain tumors. By delivering radiation directly from within—placed into the surgical cavity at the time of tumor removal—GammaTile provides immediate, localized treatment. Since its full U.S. market launch in March 2020, GammaTile has been adopted by more than 100 centers.

Reference
¹ Garcia MA et al. J Neurooncol. 166:203-212 (2024).