SA cancer tracer company Ferronova raises millions for trials
An Adelaide company has raised millions to trial its cancer tracers in humans.
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Adelaide cancer tracer maker Ferronova has raised $3.5 million to fund clinical trials.
In October last year, the company produced its first tiny cancer tracers for their journey into the human body in an attempt to find a new pathway to early detection of solid tumour cancers. Ferronova’s specialist polymer-coated iron oxide nanoparticles, made to global standards at a lab in Mawson Lakes, help accurately identify the early spread of cancers.
Ferronova’s nanoparticles are injected in four locations into tissue around primary tumours where they then travel to nearby lymph nodes, following the same pathway as cancer cells.
The funding round was led by venture capital firm Uniseed, with participation from existing and new investors including Artesian Venture Partners and the South Australian Venture Capital Fund (SAVCF).
The University of Sydney has also become a shareholder as part of a licensing agreement with the company.
Ferronova chief executive officer Stewart Bartlett said the technology has the potential to transform care for early stage cancer patients.
“Our nanoparticle technology is designed to track the metastatic path of cancer and will enable surgeons to more accurately retrieve tissue samples and lymph nodes to guide more detailed pathology assessment,” Mr Bartlett said.
Uniseed chief executive Dr Peter Devine the group was attracted to Ferronova due to its strong intellectual property.
Artesian Ventures managing partner Luke Fay said the investment by the SAVCF comes within just two months of Artesian Ventures being appointed to manage the fund.
“We are excited to be launching our management of the SAVCF with an exciting investment in world-class Australian medical technology that has big potential to improve outcomes for cancer patients,” Mr Fay said.
Ferronova is a spin-out from the University of South Australia and Victoria University of Wellington in NZ. It recently licensed the University of Sydney’s block copolymer intellectual property developed over the last 20 years.