GT Medical lands $10m Series A for IsoRay’s GammaTile

GT Medical Technologies said today that it landed a $10 million Series A round for the GammaTile brachytherapy it co-developed with IsoRay (NYSE:ISR) to treat brain tumors.

Richland, Wash.-based IsoRay and the Barrow Neurological Institute formed GT Medical to develop the technology to embed Cesium-131 brachytherapy seeds in collagen tiles to treat malignant meningioma, according to regulatory filings, inking a formal co-development deal in March 2017. By January of the following year the deal had expanded to include an exclusive, 10-year manufacturing & supply pact for GammaTile. In July 2018 GammaTile won 510(k) clearance from the FDA.

Today GT Medical said proceeds from the Series A round, led by MedTech Venture Partners with participation from BlueStone Venture Partners, are earmarked for further GammaTile commercialization. The device is already under limited release.

“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,” GT Medical president & CEO Matthew Likens said in prepared remarks. “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.”

“GT MedTech’s mission is in line with our investment goal of supporting innovative technologies that address unmet needs in vital disease areas,” added MedTech Venture managing director and partner Radu Cautis. “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.”

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from MassDevice http://bit.ly/2UtFyYX