Ferronova, an Australian medical technology company developing nanoparticle image-guided surgery solutions, raised an additional $6 million to advance commercialisation of super-paramagnetic iron oxide nanoparticles designed to improve cancer cell detection during surgery and reduce the risk of undetected recurrence. The round was led by existing investors Uniseed/UniSuper, South Australian Venture Capital Fund, Artesian Venture Partners, and Renew Pharmaceuticals, a subsidiary of Singapore-based Ultragreen.ai, bringing total Series A funding to $17.5 million.
Ferronova technology focuses on nanoparticles that bind to cells in lymph nodes, supporting clearer identification of tissue that may contain cancer cells and addressing limitations of conventional imaging that can leave rogue cells undetected. A 60-patient, two-year clinical trial in stomach and oesophageal cancers is underway, with 54 patients enrolled and completion expected in early 2026, involving centres including Olivia Newton John Cancer Centre, Peter MacCallum Cancer Centre, Royal Adelaide Hospital, and Flinders Medical Centre, alongside plans for continued research in the United States.
Ferronova CEO Stewart Bartlett said: “We all know someone who had surgery to remove lesions only for the cancer to return and how devastating that can be. The challenge is particularly evident in stomach and oesophageal cancer, where recurrence after surgery occurs in over 60% of patients. Three-year survival can be as low as 41% in stomach cancer and 27% in oesophageal cancer. We are pioneering a novel, image guided surgery tracer that is being developed to help pre-operatively identify areas where cancer may have metastasised. The aim is for surgeons to perform more precise surgery by better locating lymph nodes at risk of cancer. If successful, that’s a game changer. Approximately 1.8 million people are diagnosed with stomach and oesophageal cancer globally each year. Our ambition is to support an increase in curative outcomes through improved surgical guidance.”
Declan Cassells, COO of Ultragreen.ai, said: “Ferronova’s novel approach aligns closely with our focus on fluorescence-guided surgery. Their tracer technology may offer particular promise in complex cancers where conventional imaging approaches are limited. We see strong potential in this area of research and believe Ferronova’s development programme complements our broader commitment to improving surgical precision and outcomes. We are pleased to support their progress into later-stage clinical studies and ultimately commercialisation.”