Healthcare & Fitness
Gina Rinehart Backs Cancer Imaging Startup With $72 Mn Investment
Hancock Prospecting has invested $72 million in US-based Lumitron Technologies to support the commercialisation of advanced imaging technology designed to improve cancer detection and identify contaminants in mining operations.
Key Highlights
- Hancock Prospecting has invested US$50 million (A$72 million) in Lumitron Technologies.
- The HyperView system is designed for cancer detection and mining applications.
- Hancock can potentially increase its investment to US$100 million by the end of 2026.
Gina Rinehart, Australia’s richest woman, Executive Chairman of Hancock Prospecting has invested US$50 million (A$72 million) in California-based Lumitron Technologies as a strategic investment to support commercial development and usage of the HyperView imaging system.
The investment gives Hancock the option to take its funding up to US$100 million by the end of 2026. Hancock will also receive a Lumitron board seat via the terms of the agreement.
HyperView Technology
Founded by Maurie Stang, Australian Nanosonics founder and a team of American scientists. The HyperView system uses a high-energy laser and a beam of very high-energy electrons (VHEE) to generate high-resolution X-rays.
It said the technology provides x-rays up to 1,000 times the resolution of conventional imaging systems and generates 100 times lower doses of radiation than current machines
The company believes the higher-resolution images could detect cancers in earlier stages, treat them faster and more specifically, and limit damage to normal tissue.
Cancer research as a subject is close to Mrs Rinehart’s heart. This is therefore a significant investment for the company, much more than its financial benefit. The firm has long been a substantial funder of breast cancer research and support services.
Mining Applications
HyperView can also have an industrial application and may be rolled out across Hancock Riverside’s West Australian iron ore operations.
In a statement, Gina Rinehart said, the technology is not just another industrial X-ray system that is mainly limited to analysing shape and density.
HyperView could be used to determine the composition and compensation of mineral contaminants within ore, she said. This could enable mining companies to process high-value ore, increase recovery rates, decrease energy use and reduce overall processing costs.
It also plans to deploy three HyperView machines in Australia for the commercial rollout of the technology and for usage in local mining operations.
The investment is a part of Hancock Prospecting’s larger strategy of diversification. The company has branched into new technologies, such as artificial intelligence, along with its main mining business in the past year.
Source: Hancock Iron Ore
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