GT Medical Tech Pockets $100M in Oversubscribed Series E

GT Medical Technologies has closed an oversubscribed $100 million Series E equity financing, led by new investor Viking Global Investors with participation from existing investors MVM Partners, Gilde Healthcare, Evidity Health Capital, Medtech Venture Partners, and FemHealth Ventures.

The Tempe, Arizona-based brain tumor treatment company said the funds will be used to speed commercial and operational investment initiatives after the release of final data from its ROADS trial last month. The trial studied the GammaTile bioresorbable radiotherapy implant in patients with newly diagnosed brain metastases.

ROADS trial data showed a reduced risk of tumor reoccurrence and death at 12 months by 93% and 41%, respectively, compared to standard of care treatment.

The $100 million proceeds will also support expansion of GT Medical’s recently initiated BRIDGES trial in patients will newly diagnosed glioblastomas (GBMs).

GammaTile radiation therapy delivers immediate, targeted radiation to a brain tumor resection site at the time of removal surgery, when cancer cells are at their lowest residual levels. The technology removes the treatment gap between surgery and radiation therapy, maximizing effectiveness against remaining cancer cells and reducing the risk of tumor regrowth.

“An oversubscribed financing of this magnitude and the strength of our syndicate provides significant optionality for the company, allowing us to accelerate the next phase of our growth and make meaningful clinical and operational investments for the future,” said James Leech, GT Medical Technologies’ chief financial and strategy officer.