The Australian city of Adelaide, Jan. 22, 2023 — Ferronova, an Australian biotech startup, revealed today that it has received an additional USD 11 million to advance its nanoparticle platform and help surgeons more precisely find and remove cancerous cells while treating gastrointestinal and brain tumors .
A USD 8 million capital campaign was spearheaded by the Irish business Renew Pharmaceuticals Limited (Renew), with an additional USD 3 million coming from an Australian Government Co-operative Research Centers Project (CRC-P) grant. Existing shareholders in Ferronova, including Artesian Venture Partners and Uniseed, paved the way. The current round of finance for the business, with its headquarters in Adelaide, South Australia, adds to USD 4.6 million in Series A funding.
Renew Pharmaceuticals, current investors, and the CRC-P award, according to Ferronova Chair Dr. John Parker, have formed a robust foundation to speed up gastrointestinal and brain tumor studies.
According to recent studies, one in two individuals will have cancer at some point. Thanks to advancements in technology, more public awareness, and screening programs, malignancies are being identified earlier. To improve long-term results, precision imaging, surgery, and treatment must now be improved. Australia has a proven track record of creating ground-breaking medical innovations, and Ferronova has the potential to alter the game in this industry.
“Renew Pharmaceuticals joining our company as a stakeholder makes us very happy. This partnership will enable us to advance our trial program and ultimately supply our goods to more than 80 countries supported by Renew’s distribution network. They are a global leader in providing dye-based contrast agents for image-guided cancer surgery.”
According to Ferronova CEO Stewart Bartlett, the company’s ability to raise financing in a challenging climate and secure a CRC-P award is a testament to the superiority of its technology.
One of the factors that drew Renew to invest in Ferronova, according to Declan Cassells, Managing Director at Renew, was the company’s innovative strategy for treating the most complex cases of gastrointestinal and brain cancer.
“The goal of Ferronova and Renew is to use image-guided surgery to enhance patient outcomes. This investment will hasten the clinical programs and approvals of Renew’s fluorescence dye combined with Ferronova’s magnetic nanoparticles for surgical use in treating cancers with some of the lowest survival rates. This will enable us to make this advanced treatment option available to patients through our extensive global distribution network.”
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