Perth-based OncoRes Medical has announced $12.5 million in funding to advance its innovative imaging system that facilities real-time tumour assessment to assist surgeons in identifying and removing cancerous tissue such as breast cancer.
Australian and New Zealand VC Brandon Capital, manager of the Federal government-backed MRCF BTF Fund and Australian Unity’s Future of Healthcare Fund co-led the $9.5 million Series A2 funding.
The remaining $3 million came from a Cooperative Research Centres Projects (CRC-P) Round 12 grant.
Removing all of the cancer, the first time
These funds will facilitate the company’s upcoming clinical trials.
“We are delighted to announce that we have secured $12.5m in funding which will aid with the development of our Quantitative Micro-Elastography (QME) Imaging System which is about to commence its next clinical trials,” said OncoRes Medical CEO Katharine Giles.
“Our system has the potential to improve outcomes in breast-conserving surgery and reduce repeat operations for women with breast cancer.
At OncoRes Medical we believe that all women deserve the opportunity to move beyond their initial breast cancer surgery knowing that all of the cancer has been removed, the first time.
Katharine Giles, OncoRes Medical CEO
Dr Giles noted that continued support of their technology had helped progress the path from a University research project to a standalone company with FDA breakthrough device designation.
“This continued support takes us closer to providing a game-changing solution for breast cancer surgeons, so we can bring these benefits to the people at the centre of our mission, patients,” added Dr Giles.
“This financing round remains open for interested parties and we look forward to progressing into our next clinical study.”
OncoRes Medical’s QME Imaging System is a handheld probe that when applied to a region of interest provides micro-scale maps of the stiffness of the tissue, a key differentiator from healthy tissue.
This allows for surgeons to remove residual cancerous tissue within the cavity, therefore improving outcomes in such surgeries.
“We are thrilled to continue to support OncoRes Medical as they advance the QME Imaging System and focus on improving outcomes for breast cancer patients,” said Dr Stephen Thompson, Brandon Capital.
They are a great example of what the medtech industry in Australia can provide – not just in better health outcomes, but local training, education and job creation in high-value industry.
“The fund is proud to support the continued advancement of OncoRes Medical and the tangible impact it will have in supporting women’s wellbeing and peace of mind before and after surgery,” concluded Victor Windeyer, Fund Manager for Australian Unity’s Future of Healthcare Fund.
