Dive Brief:
- GT Medical Technologies has raised $16 million to commercialize and further develop its brain tumor device, bringing the round’s total up to $53 million.
- The company, which disclosed the investment Tuesday, sells the GammaTile device that delivers radiation to kill cancer cells that remain after the surgical removal of a brain tumor.
- GT Medical raised $37 million in January to increase use of the device. The company will use the additional funding to expand U.S. commercial activities and advance clinical trials.
Dive Insight:
GammaTile consists of radioactive sources embedded in a collagen matrix. Placed in the cavity created by the removal of a brain tumor, the device delivers radiation therapy to eliminate any cancer cells that are still in the area after surgery. The Food and Drug Administration cleared the device for use in recurrent cancers in 2018 and expanded the label to cover newly diagnosed malignant tumors in 2020.
New investors FemHealth Ventures, Warren Point Capital and an undisclosed strategic backer have put money into GT Medical to support the progress of GammaTile. Commitments from the new investors, plus increased backing from existing investors, have given GT Medical a further $16 million.
GT Medical will use the funds to complete enrollment in a randomized controlled trial of patients with newly diagnosed brain metastases. The company is also planning to start an additional randomized trial in newly diagnosed glioblastoma cases. GT Medical CEO Per Langoe said in a statement that the money will allow the company to “stay focused on driving results for patients into the foreseeable future.”
Langoe, who led Palette Life Sciences to a $600 million acquisition by Teleflex, took over as CEO of GT Medical in 2024. When he started in the role, Langoe said GT Medical would partner with healthcare providers to understand how GammaTile can better fit into their workflows.
The company created the GammaTile Center of Excellence Program this year to recognize physicians and institutions that show “an exceptional level of expertise” in the procedure. USC Brain Tumor Center was the first facility to receive the center of excellence designation. Since then, GT Medical has awarded the status to more institutions.
