Aussie medtech Ferronova raises another $6 million to advance image-guided cancer surgery

ADELAIDE, Australia, Dec. 17, 2025 /PRNewswire/ -- Australian company Ferronova has raised a further $6 million to progress the commercialisation of a novel nanoparticle image-guided surgery solution seeking to improve identification of cancer cells and reduce the risk of undetected recurrence following surgery.

Ferronova's super-paramagnetic iron oxide nanoparticles bind to cells found in lymph nodes which aim to enable identification of tissue that could contain cancerous cells. The technology aims to support more informed surgical decision-making and address the problem that cancer cells are often not identified by current imaging and rogue cells may remain undetected in surgery.

Ferronova's latest $6 million round was led by existing investors Uniseed/UniSuper, South Australian Venture Capital Fund, Artesian Venture Partners and Renew Pharmaceuticals (a subsidiary of Singapore-based Ultragreen.ai). The latest capital raising brings the total generated in Series A rounds to $17.5 million.

Ferronova is currently undertaking a 60 patient, two-year trial of the technology in stomach and oesophageal cancers – with 54 patients enrolled to date and completion expected in early 2026. The trial involves leading national research centres including the Olivia Newton John Cancer Centre, Peter MacCallum Cancer Centre, Royal Adelaide Hospital and Flinders Medical Centre. Plans are underway to continue research in the US over the next two years.

Ferronova CEO Stewart Bartlett said that while surgery remains the only curative treatment for most patients, surgical research only attracts 0.1% of global cancer research funding^[1]. 

"We all know someone who had surgery to remove lesions only for the cancer to return and how devastating that can be.

"The challenge is particularly evident in stomach and oesophageal cancer, where recurrence after surgery occurs in over 60% of patients^[2].  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."

Mr Declan Cassells, COO of Ultragreen.ai (parent company of Renew Pharmaceuticals Ltd), noted that interest in fluorescence guided surgery continues to accelerate globally.  UltraGreen.ai earlier this month successfully listed on the Singapore Exchange, further strengthening its ability to advance its fluorescence guided surgery platform globally.

"Ferronova's novel approach aligns closely with our focus on fluorescence-guided surgery. Their tracer technology may offer particular promise in complex cancers where conventional imaging approaches are limited.

"We see strong potential in this area of research and believe Ferronova's development programme complements our broader commitment to improving surgical precision and outcomes. We are pleased to support their progress into later-stage clinical studies and ultimately commercialisation."

ABOUT FERRONOVA

Ferronova is an Australian medical technology company headquartered in Adelaide, South Australia. Its mission is to improve treatment options in early stage, complex cancers and increase survival rates with its unique surgical oncology tracer system. Shareholders include Renew Pharmaceuticals Limited (subsidiary of UltraGreen.ai), Uniseed/UniSuper, the South Australian Venture Capital Fund (SAVCF), Artesian Venture Partners, the University of South Australia, Powerhouse Ventures, the University of Wellington in New Zealand, the University of Sydney, PAN Ventures, STOIC Venture Capital, and Perennial Partners Future of HealthCare Fund. Grant assistance has been provided by the SA Government since 2016 and through the Federal Government's BioMedTech Horizons Program, operated by MTPConnect and Australian Government CRC-P program. For more information go to: www.ferronova.com.au