Acquisition Would Create a More Vertically Integrated Company, Bringing Direct Responsibility for Supply Chain and Seed Manufacturing along with Perspective Therapeutic’s Cesium-131 Brachytherapy Business
TEMPE, Ariz. and SEATTLE, Dec. 12, 2023 /PRNewswire/ — GT Medical Technologies, Inc. (“GT Medical Technologies”), a medical device company with a corporate purpose of improving the lives of patients with brain tumors, today announced it has agreed to acquire substantially all of the radioactive Cesium-131 seed assets and related business infrastructure from Isoray Medical, which is a subsidiary of Perspective Therapeutics, Inc. (“Isoray”). GT Medical Technologies’ GammaTile Therapy is FDA-cleared to treat patients with operable brain tumors to eliminate residual tumor cells. Full market release for this technology occurred in March 2020, and over 100 leading brain tumor treatment centers have adopted GammaTile to date. The transaction is expected to decrease the required lead times from the customer order to product delivery, allowing even more patients to benefit from this game-changing technology. The closing of the transaction is subject to satisfaction of customary conditions to closing and is expected to close in the first quarter of 2024.
Matthew Likens, CEO, GT Medical Technologies, Inc.
The acquisition would strengthen GT Medical Technologies’ position in the market by ensuring access to and control of radioactive seed production. The seeds are a key component of GammaTile Therapy for patients undergoing brain tumor resection surgeries with the need for adjuvant radiation therapy. In addition, the acquisition has the potential to expand GT Medical Technologies’ customer base to include multiple facilities treating patients with prostate, lung, head & neck, and gynecological tumors.
“By agreeing to acquire Cesium-131-related assets from Isoray, GT Medical Technologies is poised to enhance the delivery of GammaTile Therapy in the U.S. market, building on our commitment to excellence for both patients and the clinicians who treat them,” said GT Medical Technologies CEO Matthew Likens. “Also, acquiring the legacy Isoray business will allow us to streamline existing operations and deepen our partnership with the radiation oncologist community. We are excited about integrating with Isoray’s Cesium-131 brachytherapy team following the closing of the transaction.”
“We think GT Medical Technologies believes in the future of brachytherapy and have been a major innovator and investor in the technology in recent years,” said Perspective Therapeutics CEO Thijs Spoor. “The transaction is expected to create a dominant force in U.S. and global brachytherapy, focusing on, and investing in improved outcomes for patients with multiple tumors using a single best in class isotope. This will allow Perspective Therapeutics to increase focus on accelerating clinical development of our proprietary alpha-particle therapy portfolio, with the added confidence that Cesium-131 as a brachytherapy technology, and the incredibly talented team dedicated to its production and commercialization, is in excellent hands.”
GammaTile consists of bioresorbable collagen embedded with Cesium-131 radioactive seeds. This Surgically Targeted Radiation Therapy (STaRT) starts radiation immediately after tumor removal to help eradicate residual tumor cells.
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 Perspective Therapeutics, Inc.
Perspective Therapeutics, Inc., is a diversified medical technology and radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body. Perspective Therapeutics has a proprietary technology that utilizes the alpha emitting isotope 212Pb to deliver powerful radiation specifically to cancer cells via specialized targeting peptides. Perspective Therapeutics is also developing complementary imaging diagnostics that incorporate the same targeting peptides which provide the opportunity to personalize treatment and optimize patient outcomes. This “theranostic” approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity associated with many other types of cancer treatments.
Perspective Therapeutics’ melanoma (VMT01) and neuroendocrine tumor (VMT-α-NET) programs have entered Phase 1/2a imaging and therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at several leading academic institutions. Perspective Therapeutics has also developed a proprietary 212Pb generator to secure key isotopes for clinical trial and commercial operations.
For more information, please visit Perspective Therapeutics’ website at www.perspectivetherapeutics.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.
Media Contacts:
Lori Kagan
GT Medical Technologies
lkagan@gtmedtech.com
Dawn Fallon
New Dawn Communications
dfallon@newdawncomms.com
SOURCE GT Medical Technologies, https://www.prnewswire.com/news-releases/gt-medical-technologies-inc-agrees-to-acquire-radioactive-seed-assets-from-perspective-therapeutics-inc-302012049.html?tc=eml_cleartime