What if the greatest return on investment isn’t simply measured by an exit — but by the value created on the journey towards it?

Perth-based medical technology company OncoRes Medical is demonstrating how Western Australian research, clinical expertise and specialist investment can come together to tackle a problem with enormous human and economic consequences.

Spun out of University of Western Australia research in 2016, OncoRes was co-founded by breast cancer surgeon Professor Christobel Saunders AO and biomedical engineer Professor Brendan Kennedy.

The company is developing Elora, a real-time surgical imaging system designed to help breast cancer surgeons identify and remove residual cancerous tissue during the initial operation.

The clinical problem is significant. Approximately one in five patients undergoing breast-conserving surgery currently requires a second operation because surgeons cannot reliably confirm that all cancerous tissue has been removed during the first procedure.

For patients, a second operation can mean additional physical and psychological stress. For healthcare systems, it carries additional clinical and financial costs.

OncoRes is aiming to change that equation.

Turning research into investable innovation

Elora uses Quantitative Micro-Elastography (QME) technology to create a real-time, microscale 3D map of tissue stiffness inside the surgical cavity.

In simple terms, the technology is designed to give surgeons an additional way to identify residual cancer during surgery — potentially allowing them to make better-informed decisions before the patient leaves the operating theatre.

The journey from university research to clinical technology illustrates another important dimension of return: the commercialisation of deep research.

What began as academic research at UWA has progressed into a medical device that has already been used in a clinical trial involving more than 110 patients across six Australian hospitals.

Investment that follows the milestones

In February 2026, OncoRes closed a A$27 million private investment round, led by Brandon Capital’s specialist BB6 life sciences fund, alongside Morgans, Radar Ventures, family offices and The Table Club network.

UWA also increased its investment stake in 2025 — providing a further signal of confidence from the institution from which the technology originated.

For investors, this is not yet a traditional exit story.

There is no realised financial return at this stage.

Instead, OncoRes represents the other side of The Full Return — a story about how value is built and de-risked before a commercial exit occurs.

The company has already achieved a series of significant value-creation milestones: FDA Breakthrough Device Designation, clinical use across six hospitals, more than 110 patients enrolled in clinical trials, continued institutional investment and a significant new capital raise.

Each milestone has the potential to reduce a different element of investment risk while moving the technology closer to commercialisation.

The potential return is bigger than a balance sheet

The investment case for OncoRes is ultimately about what happens if the technology successfully makes the transition from clinical development to commercial adoption.

The company is preparing for its US Pivotal Trial and pursuing further applications for the technology, including potential expansion into prostate cancer.

For investors, that creates the potential for future financial returns.

For patients and healthcare providers, the potential return is measured differently: fewer repeat operations, better surgical decision-making and a technology capable of improving outcomes at scale.

It is a powerful reminder that investing in innovation can create multiple forms of value simultaneously.

Watch the 90-second story

The 90-second The Full Return clip takes you inside the OncoRes journey — from UWA research and a significant clinical challenge through to Elora, the company’s investment journey and the milestones that are building its future value.

Watch the clip to discover how WA research is being transformed into a technology with the potential to change cancer surgery — and what investors are backing along the way.

WA innovation. Investing with impact. Discover The Full Return.

About The Full Return

The Full Return showcases Western Australian innovation stories through the lens of financial and non-financial return on investment, demonstrating the value that can be created when capital backs ambitious businesses solving real-world challenges.

The OncoRes Medical case study was project managed by the Hub Of Sustainability (HOSx), with Nexus Point Pictures responsible for video production and For Blue undertaking the research underpinning the story.

The project is funded by Meshpoints, supporting the development and promotion of compelling WA innovation stories and helping demonstrate the opportunities available to investors backing Western Australian businesses.

Project credits:
Project Management: Hub Of Sustainability (HOSx)
Research: For Blue
Video Production: Nexus Point Pictures
Funding: Meshpoints