The University of Western Australia has made its first follow-on investment in one of its spinout companies, throwing its support behind Perth-based medtech innovator OncoRes Medical as it works to bring its world-class precision cancer imaging technology to market.
UWA Pro Vice-Chancellor of Industry and Commercial Samantha Tough said the $1 million investment was a major milestone in the University's longstanding commitment to innovation and commercialisation.
"It's also a vote of confidence in the strategic direction of this outstanding WA-grown spinout as it prepares to seek US Food and Drug Administration (FDA) approval for technology that will transform lives around the world," Ms Tough said.
OncoRes was spun out of UWA in 2016 on the back of groundbreaking research at UWA, the Western Australian Department of Health and the Harry Perkins Institute of Medical Research, led by world-renowned breast cancer surgeon and researcher Professor Christobel Saunders AO and biomedical engineer Professor Brendan Kennedy.
Professors Saunders and Kennedy teamed up to develop novel imaging technology aimed at improving surgeons' ability to accurately identify and remove all cancerous tissue during breast cancer surgery, in turn preventing the need for repeat surgery – and the complications, stress and cost that go with it.
OncoRes has spent the past 10 years transforming the technology – known as Quantitative Micro-Elastography (QME) – into the comprehensive imaging system Elora™, which facilitates precise detection of any residual cancer tissue in the surgical cavity, in real-time. QME has been studied in four clinical trials, scanning more than 270 women.
In 2020 OncoRes was granted a 'Breakthrough Device Designation' from the FDA to expedite development of the system. It is now poised to commence a final clinical trial in Australia later this year, along with a pivotal trial in the US next year.
OncoRes CEO Dr Katharine Giles, a UWA medicine and MBA graduate, said UWA's $1 million follow-on investment would aid completion of a current Australian clinical trial and support OncoRes as it laid the groundwork for FDA approval next year.
"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."
Ms Tough said UWA was proud to support life-changing technology developed and made in Western Australia, by a company committed to supporting WA innovation and expertise.
"Beyond the close research collaboration, OncoRes has maintained a powerful commitment to employing and developing Western Australian talent, including countless graduates and interns from UWA," she said.
"It's been a mutually beneficial collaboration which ultimately will provide substantial economic, health and societal impact for WA and beyond, especially given its application beyond breast cancer to other types of cancer and surgery."
Deputy Vice-Chancellor of Research Professor Anna Nowak said UWA's decision to further invest in OncoRes as it entered the all-important regulatory phase was a major milestone 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.
"There are currently more than 25 spinout companies from UWA IP, with five UWA spinouts listed on the ASX.
"We now want to look at how we can deepen our support for these WA companies that are batting way above their grade in producing globally impactful technologies, but also doing so much to develop a pipeline of talent that's going to pay off many times over in the decades to come."
