Intraoperative imaging device maker OncoRes Medical has closed a 27-million-Australian-dollar private funding round ($19 million U.S.) to advance clinical development and regulatory milestones for its quantitative micro-elastography imaging system, Elora.
The funds will support the first interventional use of the device as part of an Australian clinical trial at six hospitals in Western Australia and Victoria, in addition to product development, regulatory activities, and manufacturing preparations for a planned U.S. trial.
Elora is a probe designed to aid oncology surgeons performing breast‑conserving surgery, according to the company. Applied within the breast cavity after the primary tumor is excised, the device generates micro‑scale mechanical and optical tissue maps within the breast cavity to identify residual cancerous tissue. It aims to prevent repeat operations.
The product is based on technology from the University of Western Australia, Harry Perkins Institute, and the Western Australian Department of Health. Elora was granted U.S. Food and Drug Administration breakthrough device designation in 2020, the company noted.
Investors included Brandon Capital Partners’ BB6 Fund, Morgans, Radar Ventures, Australian and international family offices, and the Table Club network.
