What Is GT Medical? Tell Us About What You Do And What Your Mission Is.

GT Medical Technologies, Inc. is a start-up medical device company. GT stands for GammaTiles®. GammaTiles are radiation implants that are deployed during the last five minutes of brain tumor resection surgery to eliminate remaining tumor/cancer cells. Even the most skilled neurosurgeons are not able to remove every last brain tumor cell. The standard of care for operable brain tumors for the last 15 years is for the neurosurgeon to perform a “maximal safe” resection or removal of the tumor, without damaging remaining healthy brain tissue. Typically, patients will require a day or two of recovery in hospital before going home. Three to four weeks later, after surgical wound healing, patients undergo up to six weeks of daily external beam radiation therapy (EBRT) in an attempt to eliminate residual tumor cells. Unfortunately, the 3-4 week waiting period allows residual cells to replicate, increasing the challenge for effective EBRT treatments. Also, patients must rely upon friends or family members to transport them to a hospital or radiation clinic, they typically suffer significant hair loss, and it is exhausting. In addition, these vulnerable patients have up to 30 exposures to healthcare institutions during the age of Covid. On top of all this, 50-90% of patients suffer a tumor recurrence within 12 months.

GammaTile Therapy is delivered to the operating room by radiation oncology and neurosurgeons simply tile the cavity created by tumor removal. These procedures take less than 5 minutes, and the radiation goes to work immediately, before cancer cells have a chance to replicate. Radiation seeds are embedded in a collagen tile carrier which is resorbed into adjacent tissue over time, with no need for removal. Because of our Surgically Targeted Radiation Therapy (STaRT), we are able to safely generate 2.5 times the energy within this cavity than can be achieved by EBRT and it has proven to be highly lethal to residual tumor cells.

GT has been approved by the US Food and Drug Administration for recurrent intracranial neoplasms (brain tumors) as well as for newly diagnosed malignant brain tumors. All tumor types are on label including glioblastomas (GBMs), metastases (tumors that have migrated to the brain from other parts of the anatomy), and meningiomas. Truly impressive clinical data has been generated which led to FDA clearances/approvals.

Our PURPOSE as a company is simply to: “Improve the Lives of Patients with Brain Tumors”. It is very meaningful to each team member and we are excited about the prospect of providing patients with operable brain tumors a superior option for their follow-up radiation therapy.

After 14 months of Limited Market Release beginning in January 2019 during which we refined clinical training programs, confirmed handling and implantation processes, improved packaging and logistics, and adjusted pricing, we began Full Market Release in March 2020, unfortunately coinciding with the global pandemic. Despite significant challenges relating to hospital access, there are currently 36 hospitals across the country that have adopted GT, with many more in the pipeline.

What Is Your Background? Tell Us A Little Bit About Your Journey To Becoming CEO, And How You Ended Up In This Space.

This is my third start-up company experience and the second time being a CEO. Prior to start-ups, I spent three years with Johnson & Johnson Corporation and had a 23-year career at Baxter International, including roles as President Renal Dialysis in the US, and President of Baxter Biotech North America. In 2001 I left Baxter for a well-funded start-up in South Florida as an executive VP of operations. In July 2006 I was named President/CEO and second employee of Ulthera, Inc., a medical device company, based in Mesa, AZ. We grew to 230 employees and about $100M in revenue over the course of the next 8 years, filed to go public but were eventually acquired by a German pharmaceutical company. After a two-year retention agreement ended, I retired for 15 months before meeting the five founders of GT Medical in mid-2017. I was very impressed with each founder as well as with the potential of GammaTile Therapy to truly help patients with operable brain tumors. Having spent a career in life sciences/medical devices, I can recognize superior clinical data when I see it. GT was and is an opportunity to leverage a career of experiences toward the worthy cause of helping patients with operable brain tumors.

What Have Been Both Your Favorite And Least-liked Parts Of Your Entrepreneurial Journey?

My favorite part of entrepreneurship is the challenge of building something where nothing existed previously. Assembling a talented group of individuals and forging an effective team-based-upon company Purpose, commonly-held Operating Principles, and effective communication has been extremely gratifying. It is amazing what a team can accomplish when no one cares who gets the credit.

Fundraising is not fun! The entrepreneur is pitching to potential investors whose job it is to find anything and everything that might go wrong with your business model. However, it is fun to prove the naysayers wrong and produce a healthy return for those bold enough to invest.  

What Have Been Your Most Challenging And Most Exciting Moments For You And The Company?

It is always challenging as a brand-new company to establish a novel, unknown therapy in a marketplace that is extremely conservative by nature. In the beginning, no one has heard of the company nor the brand. So, just getting an audience with key decision-makers is a challenge. Typically, companies can overcome this challenge by having a large presence at industry trade shows where our founding physicians can interact with prospective users. During COVID, all industry trade shows became virtual, which made things even more difficult. Another challenge is based upon the fact that all our impressive clinical data that is used to support adoption of GammaTile Therapy was generated at just one hospital. And finally, our therapy has yet to become a “standard” of care for patients with brain tumors. Many clinicians follow a “standard” because that is viewed as the least-risk approach for treating patients. Newer technologies are initially viewed as riskier because of their relative paucity of data. 

Exciting moments in our corporate journey include two FDA approvals/clearances, three successful rounds of financing, first patient treatment in late- January 2019, and now with almost 40 adopting hospitals and hundreds of patients successfully treated thus far. 

What Was The Fundraising Process Like For You? Tell Us About Your Investors And What You Use The Money You’ve Raised For.

Upon incorporating GT Medical in October 2017, we immediately raised a $3.0M Seed round of financing. The round was led by MedTech Venture Partners out of Mission Bay/San Francisco, a newly-established fund focused on promising early-stage medical device companies. Arizona Technology Investors (ATI) is a Phoenix-based angel funding group that also contributed significantly to the Seed round. After gaining our initial FDA clearance in mid-2018, we raised a $10M Series A round that closed in January 2019, also led by MTVP and ATI, with BlueStone Ventures from Tucson also coming into the round. And finally, after our second FDA clearance in January 2020 and early commercial results, we were able to raise a $16M Series B that closed in November 2020. MVM Partners out of Boston led that round and were joined by the three groups previously mentioned. 

Our investors are absolutely superb! They are a group of really smart, experienced contributors who each bring more to GT Medical than just money. Their enthusiastic support of our technology and team is empowering, making us a better company.

We are carefully allocating funding to achieve the company’s key objectives around commercialization of GammaTile Therapy, investing in a host of clinical studies to further validate safety and effectiveness of our technology, continually improving manufacturing efficiencies, and exploring additional applications of this technology.

Can You Tell Us About Some Of Your Numbers? How Has Growth Been Over The Past Couple Of Years? What Do You Anticipate Growth To Be Like Over The Next Two Years?

Previously I described our Limited Market Release period for GammaTile Therapy from January 2019 to March 2020. During that time, we had 10 hospitals adopt GammaTile and generated $1.3M in revenue while at the same time refining our training and in-servicing, honing our marketing messages, improving our packaging, and streamlining logistics. Obviously, hospital access was a huge challenge during 2020, but we were able to grow revenue to $4.4M. We plan to double revenue in 2021 and are running ahead of plan thus far with a goal of doubling again in 2022.

Tell Us About The Co-Founders And People Who You Work Very Closely With? How Do Their Skills Supplement Yours?

The founders are five brain tumor specialists who are committed to improving clinical outcomes for patients with operable brain tumors. One of the founders, Dr. David Brachman, is now our Chief Technology Officer and a board member. He was previously Director of Radiation Oncology at the Barrow Neurological Institute in Phoenix for 15 years, is one of the smartest people I have worked with and brings humility to work each day. Every other member of the Senior Leadership Team is an absolute expert in their area of focus, whether it be operations, clinical development, corporate development, sales, marketing, R&D, or customer service. I am pretty good at hiring excellent people and creating an environment in which they can do their best work.

How Do You Think Your Industry (Or The World In General) Will Change Post-COVID?

I believe that “virtual” and/or “remote” practices will continue to be utilized to a much greater degree than any of us thought was possible pre-pandemic. Am wondering about the health of commercial real estate in the future as fewer individuals inhabit offices. 

What Does Your Typical Day Look Like?

I rise between 5-5:30 each morning and at least four days a week start with exercise. There are 3-4 Orange Theory workout classes each week as well as Saturday morning tennis. Regular morning exercise gives me more energy and focus all day long. Meetings either in person or on Zoom calls begin between 8-9am each day and last until 5-6pm. Travel to meet suppliers or to work with the field team or attend industry conferences will soon be occupying roughly every other week. When traveling I connect with my wife at home at least once each day. When at home, Nancy and I have dinner together, review our respective days, and also try to connect with our grown children several times per week. We retire fairly early and try to always have a book to read, ideally on a subject unrelated to work.

What Are The Top Three Qualities or Skills You Believe Entrepreneurs Need In Order To Be Successful? Also, What Advice Do You Have For Entrepreneurs Who Are Just Starting Out?

If I had to limit this list to three qualities or skills, they would be 1) Competitive Drive, 2) Perseverance, and 3) Humility.

The trajectory of any start-up company is determined more by the individuals who occupy “the bus” than any other factor. So, make sure when you are hiring the team, take as much time as necessary to hire the right people. A phrase that one often hears is to hire slowly and fire quickly, and I believe there is wisdom in that phrase. If one has made the wrong hiring decision it is usually apparent right away. Since team chemistry is so important, correcting a hiring mistake quickly is recommended for the sake of the company and the individual.

I believe that each member of a start-up should own a piece of the company through the granting of stock options. This makes everyone an owner of the company, allowing management to appeal to that pride of ownership. In essence, each person is not only working for the company, he or she is working for themselves, as well. Every dollar spent on behalf of the enterprise should be done in light of creating the most value for the company. Stock options are also an effective employee retention tool since they vest over a number of years.

Company leadership ideally creates a culture in which every employee is valued. Their opinions are listened to and every person cares only about making decisions that are best for the business, independent of whose idea it was.

And finally, do your best to establish the “WHY” for the company at the earliest point possible. A powerful corporate purpose goes a long way toward attracting and retaining top talent.

Tell Us A Story Of Something That Happened To You, Something You Heard, Or Something You Saw, That Either Made You Laugh Or Taught You An Important Lesson.

My wife and I have two children. Our oldest is a son who was just married on May 1st of this year and our youngest is a daughter who was married five years ago and now has a two-year-old daughter, our first grandchild. Several months ago, our daughter and granddaughter traveled to Arizona to spend the weekend with us. One morning my wife and daughter left the house to exercise, leaving me with our granddaughter, and wouldn’t you know it, not ten minutes after they left, she needed her diaper changed. By my calculation, it had been a little over thirty years since I had changed a diaper. No problem! I found it was a little like riding a bike, once you have mastered it, the skill returns very quickly. Everything went smoothly!

The lesson I learned or was able to relearn is to not take oneself too seriously. My granddaughter could not care less that I am the CEO of a promising start-up company with a game-changing technology and an outstanding team. She just needed to have her diaper changed and fortunately, I was able to meet the challenge. This is the type of experience that allows one to maintain perspective.

If You Can Have A One-Hour Meeting With Someone Famous Who Is Alive, Who Would It Be?

This is a difficult question since I am at the point in life when many of the people I have admired over the years have ultimately proven to be unworthy of my admiration. Warren Buffett is a fascinating person who has had a long track record of success but has somehow managed to live a “normal” lifestyle. He still resides in a middle-class neighborhood in Omaha, NE, gets lunch at McDonald’s every day, and has remained mentally astute into his late-80s. An hour with Warren would be a real treat.

Who Is Your Role Model?

I do not have one particular role model but have tried to learn “best practices” from a host of people over the years. 

What Do You Do In Your Free Time?

My wife and I enjoy domestic and international travel. We have relocated ten times in almost 41 years of marriage. The good news is we have friends in a variety of places and love visiting them or hosting them in Arizona. We are thankful to have a very close family and try to get together as often as possible to maintain those close ties. Staying physically active is a high priority along with regular church attendance and keeping up with current events.

What Is Your Favorite Quote And Why Does It Resonate With You?

“It is amazing how much a team can accomplish when no one cares who gets the credit.” - Harry S. Truman

I like this because it reflects the power of a selfless approach to solving issues and building businesses for the greater good.

Any Other Thoughts You Want To Share Relating To Current Events, The Economy, Political Climate, Or Any Other Topic?

I just finished reading the Biography of Benjamin Franklin written by Walter Isaacson. The book covers in great detail the Continental Congress held in Philadelphia in the summer of 1787, as representatives from each of the 13 colonies/states came together to decide how the country was going to be governed in the future. The United States Constitution resulted from this three-month process despite the dramatic differences of opinion present as the congress began. Benjamin Franklin was in his early 80s at the time and was by far the “elder statesman” of the event. He was the most famous American in the world because of his many inventions, his decision to live in both England and France for significant parts of his life, and his excellent communication skills. He was able to find middle ground on a host of topics where conflicts existed in order to balance interests and create the constitution. Here we are over 300 years later still operating our democracy based upon that same constitution. 

Our inability as a country today to have elected representatives who will compromise to reach agreement on what is truly best for the country continues to be troubling. It seems like “my way or the highway” is the prevailing attitude in Washington DC, along with the inability to understand alternative points of view. I pray that we can overcome this conflict and search for answers that bring us to acceptable middle ground.

What Does Success Mean To You?

My definition of success is simply to achieve one’s potential. We are all blessed with varying degrees of potential. I truly admire those who through hard work, consistency, and perseverance, achieve the greatest potential from what they were given.

Matt Likens’ Favorites Stack:

Books:

1. The Tipping Point, by Malcolm Gladwell

2. Biography of Benjamin Franklin, by Walter Isaacson

3. Start With Why, by Simon Sinek

Health & Fitness:

1. Orange Theory Fitness workouts

2. Wilson tennis rackets

Brands:

1. Brooks athletic shoes

2. Under Armour workout clothes

3. Nordstrom Smart Care dress shirts

Newsletters & Podcasts:

1. Wall Street Journal

Upcoming Vacation Spots:

1. Greece

2. Machu Picchu

3. Ohio