The University of Western Australia has invested $1 million into Perth-based medtech company OncoRes.
The University of Western Australia has invested $1 million into Perth-based medtech company OncoRes.
The investment is UWA’s first in one of its 25 spinout companies.
OncoRes chief executive Dr Katharine Giles said the investment would be welcomed as it moves towards potential US Food and Drug Administration approval of its Elora precision cancer imaging technology.
“This transformative investment will be crucial as we enter the final stretch to reach our north star – the goal of commercialising this WA-led technology so it can achieve the global impact it deserves,” Dr Giles said.
“We’re currently working with the FDA in preparation for our US trial in 2026.
“This trial will be pivotal to securing regulatory approval and reimbursement coverage – first in the US and then globally.”
Elora, which was developed through OncoRes’ quantitative micro-elastography technology, has been developed over the past decade.
The technology is aimed to detect and remove all cancerous tissue during the breast cancer surgery process - something which could reduce additional surgery and costs further down the line.
In 2020, OncoRes received ‘breakthrough device designation’ from the FDA, with potential clinical trials in Australia and the US in the works over the next year.
UWA’s deputy vice chancellor of research, Anna Nowak, said the investment was also important for the university.
“It reflects the growth and maturity of our own focus on translating ground-breaking research into commercial outcomes that are not only great for the state, but which generate valuable income that can be reinvested in research,” Professor Nowak said.
“For 20 years we’ve been creating strong and innovative spinout companies – including Orthocell, Argenica Therapeutics, Lixa and Dimerix – and increasingly engaging with industry, innovation and IP.”
