Ferronova, a provider of a nanoparticle platform that assists surgeons in precisely locating and removing malignant cells during the treatment of gastrointestinal and brain tumors, raised A$11 million in funding to advance its nanotech image-guided cancer therapy platform.
Irish company Renew Pharmaceuticals led the investment round with participation from Uniseed with Artesian Venture Partners.
Commenting on the funding news, Ferronova CEO Stewart Bartlett said: “Ferronova’s proprietary iron-oxide nanoparticle platform and Renew’s Verdye (Indocyanine Green) infrared dye were successfully tested in first human trials at the Royal Adelaide Hospital, Australia.”
“The new funding will be applied to expanding the trial program to brain and gastric-esophageal cancers, which have among the poorest outcomes of all solid tumors,” added Stewart Bartlett.
The latest round brings the Australian headquartered company’s total funding to date to ~$15 million. The startup previously announced $4.6 million in seed capital and Series A funding.
Commenting on the funding news, Ferronova Chair Dr. John Parker said: “The international investment from Renew Pharmaceuticals and existing investors and the CRC-P grant has created a strong platform to accelerate trials in gastrointestinal and brain cancers.”
“Research now shows one in two people will develop cancer in their lifetime and 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,” added John Parker.
Clinical intelligence software startup
Clinical intelligence and decision-making software providers have raised nearly $15 billion in funding to date, according to our database. More recently, Perception Vision Medical Technologies (PVmed), a provider of AI-guided solutions that help doctors plan and treat cancers precisely and much faster, raised $14 million in Series A funding from Cherami Investment Group, Philips, JHF Investment, COCOCAPITAL Corporation, and Strategy Capital. In another deal, Kiyatec, a precision oncology treatment platform, raised $18 million in Series C funding led by Bruker, with participation from Seae Ventures, VentureSouth, and LabCorp.
