Perth medical device company, OncoRes Medical, has progressed to the global finals of an internationally-recognised start-up event.
OncoRes, which is developing an imaging tool to improve the outcome of breast cancer surgery, passed the Australian round of the international Pitch@Palace competition held in Brisbane.
OncoRes is one of two finalists, with Australian Brisbane start-up PowerWells, out of a field of 42 entrants. The two finalists will attend Pitch@Palace Global at St James’s Palace in London on 12 December.
OncoRes managing director and CEO, Dr Katharine Giles, who had three minutes to pitch OncoRes at Pitch@Palace, says this is an important opportunity to get Australian-grown technology in fan ront of international audience.
“This is a major opportunity for us here at OncoRes. We have just finished our diagnostic accuracy study, and the results have been incredibly positive, with 95 percent accuracy in detecting cancerous tissue across a sample of 140 patients. Compared to similar studies and technologies, this is an extremely positive result.”
OncoRes is looking to raise $15 million in Series B financing early next year to help the company progress through FDA approval and pivotal clinical trials. To date the company has received $6 million in venture capital investment from the Medical Research Commercialisation Fund (MRCF).
OncoRes is developing a handheld imaging probe and console to provide real-time intraoperative guidance to surgeons by delineating breast cancer tumour from healthy tissue at a microscopic level.
According to the company's chief scientific officer, Brendan Kennedy from the University of Western Australia and the Harry Perkins Institute of Medical Research, "It's fantastic that the OncoRes team has received this recognition. Our clinical studies and technical development have gone really well this year and this is the icing on the cake. We're looking forward to pushing on next year and moving closer to product launch."