Ferronova

The company's core business revolves around a surgical oncology tracer system designed to more accurately stage complex cancers and improve survival rates. This system targets a critical issue in oncology: the difficulty of detecting micrometastases in lymph nodes, which can be missed in up to 27% of colorectal cancer patients, leading to higher recurrence rates. Ferronova's primary clients are surgical and radiation oncologists, radiologists, and pathologists involved in treating solid tumors like gastrointestinal, head and neck, and brain cancers. As a clinical-stage company, its products are not yet approved for commercial sale, and its current business model is centered on research, development, and securing regulatory approvals like CE marking and FDA approval.

Ferronova has developed FerroTrace®, a super-paramagnetic iron-oxide nanoparticle (SPION) tracer. When injected near a primary tumor, these nanoparticles travel through the lymphatic system, accumulating in the high-risk lymph nodes where cancer is most likely to spread. A key feature is the nanoparticle's extended retention in the nodes—lasting up to six months—which overcomes the logistical challenges of short-lived radiotracers. This allows for pre-surgical planning using standard MRI scans to visualize the tracer's location. During surgery, clinicians can use a companion magnetic probe, FerroMag, and existing infrared cameras to precisely identify and remove the targeted nodes for more detailed pathological analysis. The technology has advanced through preclinical studies and is now undergoing multi-center human clinical trials for gastric, esophageal, and colorectal cancers.

The company's development has been supported by significant funding. It has raised a total of $9.07M across three rounds, including a $3.5 million Series A round in 2020 and a $5.57 million Series B round in 2023. Key investors include Uniseed, Artesian Ventures, Powerhouse Ventures, and the South Australian Venture Capital Fund, supplemented by grants from the Australian government.