GT Medical Technologies, Inc., a Tempe, Ariz.-based company dedicated to treatments for brain tumors, raised $16m in Series B financing.
The round was led by MVM Partners with participation from existing investors MedTech Venture Partners and BlueStone Venture Partners.
The company intends to use the funds for expanded commercialization of its therapy.
Led by Matthew Likens, President and CEO, GT Medical Technologies provides GammaTile® Therapy, an FDA-cleared, Surgically Targeted Radiation Therapy (STaRT) for patients with brain tumors.
GammaTiles are placed directly at the site of the tumor after surgical excision is complete and immediately targets residual tumor cells before they can replicate and cause tumor recurrence. Designed to protect healthy brain tissue and facilitate rapid, accurate placement during the procedure, the therapy features a bioresorbable, conformable, 3D-collagen tile that emits a sustained and controlled radiation dose.
GammaTile Therapy first received FDA 510(k) regulatory clearance for the treatment of all types of recurrent brain tumors in July 2018. Earlier this year, GT Medical Technologies received FDA clearance to further expand the indication to allow patients with newly diagnosed malignant brain tumors to receive the therapy. The company recently announced data showing promising clinical outcomes for patients diagnosed with high-grade gliomas, brain metastases, and aggressive meningiomas.