OncoRes receives অর্থ 12.5M in latest funding to follow medical clinical trials

Perth-based medical device firm OncoRes Medical has raised 12.5 million to support its upcoming clinical trial.

It recently scored $ 9.5 million in Series A2 funding, co-led by Australian Unity’s VC Brandon Capital and the Future of Healthcare Fund. A separate 3 million fund was secured from Round 12 grants for cooperative research center projects by AusIndustry, the business program arm of Australia’s Department of Industry, Science, Energy and Resources.

Why it matters

OncoRes has developed its own oncology imaging system called Quantitative Micro-Elastography (QME). It overlays optical coherence tomography, which measures the intensity of posterior-scattered light, while micro-elastography, which measures the hardness of tissues – is a key feature of healthy tissues.

It offers a handheld probe that allows surgeons to accurately detect and remove residual cancerous tissue in the surgical cavity during breast-preservation surgery. The device provides micro-scale mapping of tissue stiffness via QME.

“Our system has the potential to improve the results of breast-preservation surgery and reduce the number of repeat operations for women with breast cancer,” said CEO Dr. Catherine Giles.

Back from a university research project in Perth, the QME imaging system is now recognized by the US Food and Drug Administration as a groundbreaking device.

Greater trend

Last year, OncoRes secured $ 150,000 in funding from the Western Australian Government for its research and development efforts and the creation of local employment.

In other news, European researchers launched a breakthrough in March last year Breast cancer diagnosis system based on AI. It analyzes tissue sections and uses heatmaps to show which areas have affected AI diagnoses, resolving transparency issues with so-called blackbox algorithms.

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