Powerhouse completes investment in Ferronova Pty Ltd

Monday, 17 October 2016, 12:59 pm
Press Release: Powerhouse Ventures Ltd

Media release
Powerhouse Ventures Limited
NZ Company No. 1854396 / ARBN 612 076 169
(ASX Code: “PVL”)

Powerhouse completes investment in Australian company Ferronova Pty Ltd

Adelaide, 17 October 2016 - Powerhouse (ASX: PVL), the developer of intellectual property based businesses, is pleased to announce it has completed its first Australian investment into Ferronova Pty Ltd, a spin-out from University of South Australia and Victoria University of Wellington developing a ground-breaking cancer staging system.

Ferronova has been founded by University of South Australia (UniSA) with Associate Professor Benjamin Thierry, leader of the translational NanoBioEngineering group within the University’s flagship institute, the Future Industries Institute, which develops and implements novel cancer biodiagnostic and prognostic technologies. Dr Thierry was made Research Associate Professor in 2012 and has received prestigious awards including Career Development Award Fellowships from the National Health and Medical Research Council.

UniSA’s magnetic probe allows surgeons to assess the spread of cancer throughout the body using magnetic tracers, providing more accurate information and offering patients a better standard of care. Victoria University of Wellington’s iron core nanoparticle tracers provide a much stronger magnetic signal, which leads to more accurate diagnosis, staging and treatment of cancer patients.

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Tijs Robinson will join Ferronova as its CEO. Prior to joining Ferronova, Tijs was senior manager at magnetic company HTS-110 Ltd, managing sales and delivery of powerful magnetic instruments for medical and scientific research.

Colin Dawson, Chief Operating Officer of Powerhouse and Ferronova Director, says the technology has the potential to improve cancer treatment globally. "Bringing nanotechnology and the magnetic probe together has the potential to create a powerful system that will solve a real problem in healthcare, with an estimated market in excess of USD450m”, Dawson says.

“With Ferronova, we are looking forward to rapidly progressing the technology through the development and regulatory process and getting the system in the hands of clinicians for trial with patients in 2017.”

Powerhouse specialises in developing and shaping research from Australasian universities into world changing businesses. It has developed a unique approach, providing access to business building expertise, capital, networks, recruitment and ongoing business support. Its portfolio currently comprises 22 early stage to mature businesses founded on university and research institute intellectual property. The Company listed on the ASX on 12 October 2016.

ENDS

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