South Australian biotech startup Ferronova banks $11 million to sort out most cancers therapy
Adelaide biotech firm Ferronova has raised $8 million from traders topped up with a $3 million analysis grant from the federal authorities for its nanoparticle platform to assist surgeons to find and take away malignant cells in abdomen and mind cancers.
Irish healthtech enterprise Renew Prescribed drugs led the increase, supported by present backers Uniseed and Artesian Enterprise Companions. The extra $3 million got here through a Co-operative Analysis Facilities Venture (CRC-P) grant. The brand new money comes on high of $4.6 million beforehand raised in Seed and Collection A rounds.
Ferronova chair Dr John Parker mentioned the capital will assist speed up trials in gastrointestinal and mind cancers.
“Analysis now reveals one in two individuals will develop most cancers of their lifetime and because of new expertise, consciousness and screening applications cancers are being detected earlier,” he mentioned.
“Enchancment in precision imaging, surgical procedure, and remedy at the moment are important to bettering long run outcomes. Australia has a robust observe report in growing ground-breaking medical options and I imagine Ferronova has the potential to be a sport changer on this discipline.”
Dr Parker mentioned Renew are world leaders in dye-based distinction brokers for picture guided most cancers surgical procedure and an necessary strategic investor.
“This collaboration will assist us to progress our trial program and in the end ship our merchandise to the 80+ nations that Renew’s distribution community helps,” he mentioned.
Renew managing director Declan Cassells mentioned Ferronova’s novel method to tackling essentially the most difficult gastrointestinal and mind cancers attracted them to take a position.
“Ferronova and Renew have a typical mission to enhance affected person outcomes by picture guided surgical procedure,” he mentioned.
“We imagine that by this funding we are going to speed up the medical applications and approvals of Renew’s fluorescence dye mixed with Ferronova’s magnetic nanoparticles for surgical use within the therapy of cancers which have among the worst survival charges, in order that we are able to make this distinctive answer out there to sufferers by our world distribution community.”
Ferronova’s shareholders embody Uniseed, the College of South Australia, the South Australian Enterprise Capital Fund (SAVCF), Powerhouse Ventures, New Zealand’s College of Wellington, the College of Sydney, PAN Ventures, and ex-Macquarie Financial institution govt Allan Moss.
CEO Stewart Bartlett mentioned elevating capital in a tough local weather, alongside the substantial grant, was testomony to the power of Ferronova’s expertise.
“Surgical procedure continues to be the one healing remedy for many stable tumour cancers, with the very best outcomes when they’re confined to a main tumour and close by lymph nodes,” he mentioned.
“Nevertheless, even in these early-stage sufferers, figuring out and eradicating high-risk lymph nodes is a problem, particularly in higher gastrointestinal cancers which have excessive charges of most cancers recurrence and poor survival.
“Ferronova’s proprietary iron-oxide nanoparticle platform and Renew’s Verdye (Indocyanine Inexperienced) infrared dye have been efficiently examined in first human trials on the Royal Adelaide Hospital, Australia. The brand new funding can be utilized to increasing the trial program to mind and gastric-esophageal cancers, which have among the many poorest outcomes of all stable tumours.”