GT Medical Technologies, Inc. Secures $35 Million Venture Loan Facility from Horizon Technology Finance
TEMPE, Ariz., Sept. 12, 2024 /PRNewswire/ -- GT Medical Technologies, Inc. ("GT MedTech" or the "Company"), a medical device company with a corporate purpose of improving the lives of patients with brain tumors, today announced it has secured a $35 million venture loan facility, of which $15 million 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.
"We are delighted to have Horizon's support as we expand the reach of our innovative targeted radiation solution," said Per Langoe, Chief Executive Officer of GT MedTech. "Our partnership with Horizon Technology Finance will allow us to continue our strategic commercial and market expansion initiatives, helping bring GammaTile to more patients in need."
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.
The Company is already backed by top-tier investors, including MVM Partners, Glide Healthcare Partners, MedTech Venture Partners and BlueStone Venture Partners.
"This partnership with Horizon allows us to continue to invest more of our resources into GammaTile and further the company's expansion within the brain tumor space," said Sandeep Yadav, Chief Financial Officer at GT MedTech. "We continue to be driven by the limitations of the current standard of care treatments and will use this funding to expand our commercial teams in order to reach more patients in need of this treatment throughout the country."
About GT Medical Technologies, Inc.
Driven to raise the standard of care and improve the lives of patients with brain tumors, a team of brain tumor specialists formed GT Medical Technologies. GammaTile® is FDA-cleared as a treatment for patients with newly diagnosed malignant intracranial neoplasms and patients with recurrent intracranial neoplasms. 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. For more information, visit www.gtmedtech.com and follow @GammaTile on Twitter and LinkedIn.
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ:HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is a $19.5 billion asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit horizontechfinance.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding our expectations, beliefs, or projections. These forward-looking statements are based on management's current expectations and involve significant risks and uncertainties that may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Such factors and risks which could cause actual results to differ materially from those in the forward-looking statements include, without limitation: regulatory risks such as changing CMS, NRC, FDA rules and regulations impacting clearance and/or reimbursement of indicated products; supply chain disruptions; clinical trial and investigation risks including adverse patient outcomes such as death and other severe complications; cost of capital and inflationary risk of raw materials; legal and regulatory risks associated with potential mergers, acquisitions, investments in joint ventures; other global and regulatory uncertainties. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Lori Kagan
GT Medical Technologies
[email protected]
(941) 224-6037
Dawn Fallon
New Dawn Communications
[email protected]
(732) 771-7808
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SOURCE GT Medical Technologies