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
lkagan@gtmedtech.com
(941) 224-6037
Dawn Fallon
New Dawn Communications
dfallon@newdawncomms.com
(732) 771-7808
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SOURCE GT Medical Technologies