Australian medtech company Ferronova has raised a further $6 million to support the commercialisation of its image-guided cancer surgery technology.
The technology provides an innovative approach designed to help surgeons better detect cancerous tissue and reduce the risk of recurrence following tumour removal. The latest raise brings the company’s total Series A funding to $17.5 million.
Ferronova’s platform uses super-paramagnetic iron oxide nanoparticles engineered to bind to cells in lymph nodes that may harbour metastatic cancer. By highlighting tissue that traditional imaging often fails to detect, the technology aims to give surgeons more precise guidance during operations, improving their ability to identify and remove cancer-affected areas before they can spread or return.
The funding round was led by longstanding supporters Uniseed/UniSuper, the South Australian Venture Capital Fund, Artesian Venture Partners, and Renew Pharmaceuticals, a subsidiary of Singapore-based UltraGreen.ai.
Ferronova is currently conducting a 60-patient, two-year clinical trial in stomach and oesophageal cancers. With 54 patients enrolled and completion expected in early 2026, the trial is being run across leading Australian centres, including the Olivia Newton-John Cancer Centre, Peter MacCallum Cancer Centre, Royal Adelaide Hospital and Flinders Medical Centre. Plans are also underway to expand research into the United States.
CEO Stewart Bartlett said the company is addressing one of the most persistent challenges in oncology. “We all know someone who had surgery to remove lesions only for the cancer to return and how devastating that can be,” Bartlett said.
“The challenge is particularly evident in stomach and oesophageal cancer, where recurrence after surgery occurs in over 60 per cent 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," Bartlett said.
Globally, around 1.8 million people are diagnosed with stomach and oesophageal cancers each year, with survival outcomes remaining stubbornly poor. Improved surgical guidance could play a pivotal role in lifting curative rates, particularly as these cancers often evade early detection.
Renew Pharmaceuticals COO Declan Cassells, whose parent company UltraGreen.ai recently listed on the Singapore Exchange, said Ferronova’s approach aligns closely with the growing international interest in advanced image-guided surgical tools. “Their tracer technology may offer particular promise in complex cancers where conventional imaging approaches are limited,” Cassells said. “We see strong potential in this area of research and are pleased to support Ferronova’s progress into later-stage clinical studies and ultimately commercialisation.”
Headquartered in Adelaide, Ferronova has been supported by a broad network of investors and government programs, including the SA Government, the Federal BioMedTech Horizons Program and the CRC-P initiative.