GT Medical Technologies Announces $10 Million Financing to Support Launch of Targeted Therapy for Patients with Recurrent Brain Tumors
“GT MedTech’s mission is in line with our investment goal of supporting innovative technologies that address unmet needs in vital disease areas,” said Radu Cautis, partner and managing director of MedTech Venture Partners. “We are enthusiastic about the potential of GammaTile Therapy to address the shortcomings of current treatments and elevate the standard of care for patients with brain tumors.”
Approximately 400,000 Americans are newly diagnosed with some type of brain tumor each year.1 Despite the efforts of the most skilled brain tumor specialists throughout the world, outcomes for patients with brain tumors have improved very little over the past 30 years. Recurrence of brain tumors is common, and about half of all patients treated for brain tumors have their disease recur within a year.
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 rapid, accurate placement during the procedure, the therapy features a bioresorbable, conformable, 3D-collagen tile and uniform radiation source. GammaTile Therapy is indicated for the treatment of all types of recurrent brain tumors, including primary (benign or malignant) and metastatic tumors.
Data supporting the efficacy and safety profile of the therapy for patients with recurrent, previously-treated meningiomas were published last month in the Journal of Neurosurgery (JNS), the official journal of the American Association of Neurological Surgeons. Additional clinical data from other types of tumors will be presented at the AANS Annual Scientific Meeting in April.
“GammaTile Therapy was developed by a team of brain tumor specialists who were running out of options for their patients. Their urgency to find a viable solution for these patients led to the creation of GammaTile Therapy, which is designed to be immediate, safe, predictable, and effective,” said Matthew Likens, president and CEO of GT MedTech. “With this funding, in addition to adding seasoned industry executives to our team, we look forward to building and expanding our commercialization efforts so that we can offer this new option to patients at brain tumor treatment centers across the United States.”
About GammaTile™ Therapy
GammaTile Therapy is a FDA-cleared, surgically targeted radiation therapy (STaRT) that is placed at the end of brain tumor excision surgery and immediately begins targeting residual tumor cells. GammaTile Therapy features a bioresorbable, conformable, 3D-collagen tile and uniform radiation source. This therapy offers advantages over the most common treatment for patients undergoing surgery for recurrent brain tumors: a course of External Beam Radiation Therapy (EBRT), which requires daily treatments for up to six weeks. Some patients may not be candidates for EBRT, and those patients who are candidates typically have to wait two weeks or more for surgical wound healing before beginning treatment, giving any residual tumor cells a chance to replicate. Patients treated with GammaTile Therapy require no additional trips to the hospital or clinic for radiation therapy. Because the therapy is targeted, patients receive radiation only where it is needed, and may receive a lower overall level of exposure to radiation.
GammaTile Therapy received FDA 510(k) clearance in July 2018 for the treatment of all types of recurrent brain tumors, including primary (benign or malignant) and metastatic tumors, and has an established CMS code for Medicare reimbursement.
About GT Medical Technologies, Inc.
Driven to overcome the limitations of current treatments for recurrent brain tumors and raise the standard of care, a team of brain tumor specialists joined forces and formed GT Medical Technologies with a purpose to prevent disease progression and improve quality of life for patients with recurrent brain tumors. Extensive clinical expertise informed the design of GammaTile Therapy, and deep medical device experience guides the company. The company is headquartered in Tempe, Arizona. For more information, visit https://www.gtmedtech.com/.