Australian medical technology company Ferronova has secured an additional $6 million in funding to accelerate the commercialisation of its nanoparticle-based, image-guided surgery technology aimed at improving the detection of cancer cells during operations and reducing post-surgical recurrence.
The latest raise was led by existing investors Uniseed / UniSuper, the South Australian Venture Capital Fund, Artesian Venture Partners, and Renew Pharmaceuticals, a subsidiary of Singapore-based Ultragreen.ai. With this round, Ferronova’s total Series A funding now stands at $17.5 million.
At the core of Ferronova’s technology are super-paramagnetic iron oxide nanoparticles designed to bind to cells within lymph nodes. These particles are intended to help surgeons more accurately identify tissue that may harbour cancerous cells—an area where conventional imaging often falls short, leaving behind undetected disease that can lead to recurrence.
The company is currently running a 60-patient, two-year clinical trial focused on stomach and oesophageal cancers, with 54 patients already enrolled and completion expected in early 2026. The study involves several leading Australian research hospitals, including the Olivia Newton-John Cancer Centre, Peter MacCallum Cancer Centre, Royal Adelaide Hospital, and Flinders Medical Centre. Plans are also underway to extend research activities into the United States over the next two years.
Commenting on the broader context, Stewart Bartlett, CEO of Ferronova, highlighted the funding imbalance facing surgical innovation. “Surgery remains the only curative option for most cancer patients, yet surgical research attracts only a fraction of global cancer funding,” he said. Bartlett noted that recurrence rates in stomach and oesophageal cancers exceed 60%, with three-year survival rates remaining critically low. “Our goal is to enable surgeons to operate with greater precision by identifying lymph nodes at risk before surgery. If successful, this could materially change outcomes for patients worldwide.”
From an investor standpoint, Declan Cassells, COO of Ultragreen.ai, pointed to rising global interest in fluorescence- and image-guided surgery. He said Ferronova’s approach aligns closely with Ultragreen.ai’s broader focus on improving surgical accuracy, particularly in complex cancers where existing imaging tools have limitations.
Editorial View: Why Ferronova’s Progress Matters
From an industry perspective, Ferronova is addressing a long-standing gap in cancer care: the lack of precise, real-time tools to guide surgeons during complex oncological procedures. While advances in drug development and diagnostics often dominate cancer research, surgical precision remains a decisive factor in long-term survival—especially for aggressive gastrointestinal cancers.
What stands out is Ferronova’s focus on lymph-node-level decision-making, an area where incremental improvements can have outsized clinical impact. By helping surgeons better distinguish at-risk tissue during an operation, the technology has the potential to reduce repeat surgeries, lower recurrence rates, and improve quality of life for patients.
Looking ahead, the company’s steady progression through clinical trials, continued backing from experienced life-science investors, and plans to expand into the U.S. place Ferronova on a credible path toward commercial relevance. In a field where innovation often struggles to move from lab to operating theatre, Ferronova’s measured, clinically grounded approach suggests momentum in the right direction.
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