Perth-based medical device company OncoRes Medical has provided $12.5 million in funding to support upcoming clinical trials.
It recently secured $9.5 million in Series A2 funding co-led by VC Brandon Capital and Australian Unity’s Future of Healthcare Fund. A separate $3 million grant is secured from a Round 12 grant of Collaborative Research Center Projects by AusIndustry, the business program arm of the Department of Industry, Science, Energy and Resources. of Australia.
WHY IT IMPORTANT
OncoRes has developed its own cancer imaging system called quantitative microelastography (QME). It overlays optical coherence tomography, which measures backscattered light intensity, into microelasticity, which measures tissue stiffness – a key contrast for healthy tissues.
Its offering is a hand-held probe used in breast-conserving surgery to help the surgeon accurately detect and remove residual cancerous tissue in the surgical cavity. The device provides a micro-scale map of tissue stiffness via QME.
Chief executive officer, Dr Katharine Giles, said: “Our system has the potential to improve outcomes in breast-conserving surgery and reduce repeat surgeries for women with breast cancer.
From a university research project in Perth, the QME imaging system has now been recognized by the US Food and Drug Administration as a breakthrough device.
TREND TO BIGGER WOMAN
Last year, OncoRes received $150,000 in funding from the Western Australian government, which was deployed towards local R&D and job creation efforts.
In other news, last year European researchers introduced a breakthrough in March breast cancer diagnostic system AI-based. It analyzes tissue sections and uses heat maps to show which areas affect AI diagnostics, solving the problem of transparency in so-called black box algorithms.