GT Medical Technologies, Inc., a Tempo, Arizona-based dedicated to improving the lives of patients with brain tumors, raised $10m in Series A financing.
The round was led by MedTech Venture Partners with participation from BlueStone Venture Partners.
The company intends to use the funds to commercialize its therapy.
Led by Matthew Likens, president and CEO, GT Medical Technologies is advancing the GammaTile™ Therapy, an FDA-cleared, surgically targeted radiation therapy (STaRT™) for patients with recurrent intracranial neoplasms (brain tumors). The company recently launched a limited market release of GammaTile Therapy and is making it available at select medical centers in the United States.
GammaTile Therapy is placed directly at the site of the tumor after excision is complete and immediately begins targeting residual tumor cells before they can replicate. Designed to protect healthy brain tissue and facilitate accurate placement during the procedure, the therapy features a bioresorbable, conformable, 3D-collagen tile and uniform radiation source.
It is indicated for the treatment of all types of recurrent brain tumors, including primary (benign or malignant) and metastatic tumors.
GT Medical Technologies also announced that Prattipati Laxminarain has joined the company’s Board of Directors. He previously served as the worldwide president of Codman Neuro, a neurosurgical medical device business recently acquired by Integra Life Sciences from Johnson & Johnson for more than $1 billion. Laxminarain had a 30-year career at Johnson & Johnson, spanning international markets. He remains active in the healthcare sector as a board member of the Global Neuro Foundation, Microbot Medical, Oculogica, Stratus Global LLC, and the Brain Aneurysm Foundation.
In addition, Mara Aspinall, co-founder and managing director of BlueStone Venture Partners, has been appointed as an observer to the company’s Board of Directors. Formerly the president and CEO of Ventana Medical Systems, which was acquired by Roche for $3.4 billion, Aspinall brings more than 20 years of industry experience in medical device development, biomedical diagnostics, personalized medicine, and digital health.
She also currently holds various board of director roles, including Blue Cross Blue Shield of Arizona, OraSure Technologies, Allscripts, and others.