GT Medical Technologies today announced the closing of an oversubscribed $100 millon Series E equity financing.
"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, Chief Executive Officer at GT Medical Technologies.
The funds will be used to accelerate investments across commercial and operational initiatives following the release of the final data from the Company's ROADS randomized controlled trial (RCT) last month. Proceeds from the financing will also support continued expansion of GT Medical Technologies' recently initiated BRIDGES RCT in patients with newly diagnosed glioblastomas (GBMs).
GammaTile is a form of radiation therapy placed at the time of brain tumor removal surgery, delivering immediate, targeted radiation to the tumor resection site when cancer cells are at their lowest residual levels. Unlike conventional approaches that require delays between surgery and the initiation of radiation therapy to allow for wound healing, GammaTile eliminates this treatment gap by starting treatment immediately. By delivering immediate, concentrated radiation directly at the tumor site, GammaTile maximizes the treatment's effectiveness against remaining cancer cells and reduces the risk of regrowth.
