GT Medical Technologies, Inc., a Temple, AZ-based medical device company with a corporate purpose of improving the lives of patients with brain tumors, secured a $35m venture loan facility, of which $15m has been initially funded from Horizon Technology Finance Corporation (NASDAQ: HRZN), an affiliate of Monroe Capital.
The company will use the loan proceeds to execute strategic commercial and clinical expansion plans for GammaTile®. These initiatives will drive key corporate objectives that will support access to care, help patients diagnosed with high-grade gliomas, brain metastases, and aggressive meningiomas, and expand GammaTile utilization.
GammaTile is a bioresorbable collagen tile embedded with Cesium-131 seeds, a radioactive isotope that delivers a high dose of radiation directly to the tumor cavity, helping to reduce tumor recurrence. Unlike external beam radiation therapy, GammaTile uses surgically targeted radiation therapy that minimizes excess radiation exposure and potential damage to healthy tissue. Since its full market release in the United States in March 2020, GammaTile has been offered in over 100 leading institutions, with more centers being added each month.
Per Langoe, Chief Executive Officer, GT MedTech is already backed by top-tier investors, including MVM Partners, Glide Healthcare Partners, MedTech Venture Partners and BlueStone Venture Partners.
FinSMEs
12/09/2024