What's Happening?
OncoRes Medical, an Australian medical device company, has successfully closed a $27 million private funding round to further develop its Quantitative Micro-Elastography (QME) Imaging System, known as Elora™. This technology aims to improve outcomes in breast-conserving surgery (BCS) by providing real-time, high-resolution intraoperative assessment of the tumor cavity. The funding will support clinical trials in Australia, product development, and regulatory milestones, including preparations for a U.S. Pivotal Trial. The Elora™ device, which has received FDA Breakthrough Device Designation, is designed to help surgeons more accurately identify and remove cancerous tissue, potentially reducing the need for repeat operations.
Why It's Important?
The development of
the Elora™ device is significant as it addresses a critical challenge in breast cancer surgery—ensuring complete removal of cancerous tissue during initial operations. In the U.S., breast cancer is the most common cancer among women, with many opting for BCS. However, current technologies often fail to completely remove the tumor, leading to repeat surgeries. The Elora™ device could reduce these repeat operations, thereby decreasing the associated physical, psychological, and financial burdens on patients and the healthcare system. The successful funding round and FDA designation highlight the potential impact of this technology on improving surgical outcomes and patient quality of life.
What's Next?
OncoRes Medical plans to use the newly acquired funds to expand its clinical trials in Australia and prepare for a pivotal trial in the U.S. The company is also focusing on product development and regulatory approvals to facilitate the commercial launch of Elora™ in the U.S. market. Additionally, OncoRes is exploring the application of its technology in other cancer types, such as prostate cancer. The recent addition of Renee Ryan, a leader in the healthcare and medical device industries, to the company's board is expected to bolster strategic guidance as OncoRes navigates these next steps.
