‘No tumour will go undetected’: Ferronova lands $11 million for its cancer hunting nanotechnology
Adelaide biotech startup Ferronova has raised $11 million in Series A for its proprietary cancer detection and removal technology.
Adelaide biotech startup Ferronova has received $8 million in funding from Renew Pharmaceuticals Limited for its nanoparticle cancer detection technology with an additional $3 million from an Australian government Co-Operative Research Centers. Previously existing shareholders as well as Uniseed and Artesian Venture Partners also contributed,
This important cash injection follows a successful $4.6 million Series A round back in 2020.
Ferronova targets difficult-to-detect tumours
Ferronova specialises in complex cancer detection and removal, particularly during the treatment of gastrointestinal and brain tumours. Its motto is to ‘allow no tumour to go undetected’ and it has built its technology around this ethos.
Its proprietary FerroTrace technology, the super-paramagnetic iron-oxide nanoparticle (SPION) tracer, allows oncologists and surgeons to map a patient’s lymphatic system with an MRI and laparoscopic robotic camera.
Combined with Indocyanine Green Dye (ICG), FerroTrace enables the identification of sentinel lymph nodes so they can be precisely targeted during both radiotherapy and surgery.
The technology can also assist in early detection of cancer that is often missed by standard pathology checks.
“Surgery continues to be the only curative therapy for most solid tumour cancers, with the best outcomes when they are confined to a primary tumour and nearby lymph nodes,” Ferronova CEO Stewart Bartlett said in a statement.
“However, even in these early-stage patients, identifying and removing high-risk lymph nodes is a challenge, especially in upper gastrointestinal cancers which have high rates of cancer recurrence and poor survival.”
Cancer will impact most Australians in some way
It goes without saying that this work is incredibly important. According to the Australian Cancer Research Foundation one in three Australian men and one in four Australian women will be diagnosed with cancer by the age of 75.
Statistics from the Australian government also show that 162,000 people were estimated to be diagnosed with cancer in 2022. In 2021 it was estimated at 151,000.
“Thanks to new technology, awareness and screening programs cancers are being detected earlier. Improvement in precision imaging, surgery, and therapy are now essential to improving long-term outcomes,” Ferronova chair Dr John Parker said in a statement.
“Australia has a strong track record in developing ground-breaking medical solutions and I believe Ferronova has the capability to be a game changer in this field.”
Dr Parker also touched on the importance of the partnership with Renew, as the company is a world leader in dye-based contrast agents to help with guided cancer surgery.
“This collaboration will help us to progress our trial program and ultimately deliver our products to the 80+ countries that Renew’s distribution network supports.”
According to the company, a recent trial with its platform and Renew’s Verdye at the Royal Adelaide Hospital was a success. The additional funding from the raise will be used to expand this program to target difficult-to-treat brain and oesophageal cancers.
The original version of this article mistakenly attributed the funding contributions. We regret the error.
