GT Medical Technologies Secures $10 Million Series A Funding to Advance GammaTile™ Therapy for Targeted Brain Tumor Treatment

VCBeat (WeChat Official Account: vcbeat) has learned that on January 31, GT Medical Technologies, headquartered in Arizona, USA, announced it had raised $10 million in its Series A financing round. The round was led by MedTech Venture Partners, with participation from BlueStone Venture Partners.

The company intends to use the funds to commercialize its GammaTile™ therapy.

For decades, clinicians have been seeking better treatment options for patients with intracranial tumors (brain tumors), aiming to effectively target cancer cells while preserving healthy ones.

GT Medical Technologies is dedicated to improving the health outcomes of patients with brain tumors. Its GammaTile™ Therapy, a form of Surgically Targeted Radiation Therapy (STaRT™), delivers timely and precise targeted treatment to residual tumor cells that have not yet regained replicative capacity immediately after tumor resection. Designed to accurately target cancerous sites, this therapy aims to thoroughly eradicate residual tumor tissue while sparing healthy brain tissue, making it suitable for patients with recurrent intracranial tumors (brain tumors). It is characterized by high specificity and minimal side effects. Spearheaded by Matthew Likens, President and CEO of GT Medical Technologies, this therapy has received FDA approval and is currently being utilized in select medical centers across the United States.

In its financing announcement, GT Medical Technologies also announced that Prattipati Laxminarain has joined the company’s Board of Directors. Previously, he served as Global President of Codman Neuro, a neurosurgical medical device company recently acquired by Integra LifeSciences, a subsidiary of Johnson & Johnson, for over $1 billion. Mr. Laxminarain spent 30 years at Johnson & Johnson and remains active in the healthcare sector, serving on the boards 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 Board of Directors of GT Medical Technologies. Ms. Aspinall brings over 20 years of industry experience in medical device development, biomedical diagnostics, personalized medicine, and digital health. She previously served as President and Chief Executive Officer of Ventana Medical Systems, which was acquired by Roche for $3.4 billion.

MedTech Venture Partners is an investment firm based in California, USA, primarily providing funding and support to medical technology entrepreneurs. With extensive global clinical and regulatory expertise, MedTech Venture Partners has invested in numerous technology companies. Recently, MedTech Venture Partners has entered into a deep collaboration with UCSF to establish a medical device consulting and service platform.

BlueStone Venture Partners is a life sciences innovation and technology venture capital fund focused on startups in the southwestern United States. BlueStone Venture Partners believes that leveraging its management expertise, established deal flow channels, and relationships with leading industry advisors and co-investors will enable it to make prudent investment selections, thereby creating value for its investors.