Ceretas hits CUREator+ Milestone 3, unlocking $692,578 in non-dilutive funding
Ceretas Limited (ASX:CTS) has completed Milestone 3 of the CUREator+ Dementia & Cognitive Decline program on schedule, triggering the final non-dilutive funding tranche of $692,578 from Brandon BioCatalyst, expected in the coming weeks. The milestone delivered fully functional prototypes of two key components: a proprietary in-house image-guided neuronavigation (IGN) system and a collaborative lift assist device. Both are foundational to Ceretas’ next-generation therapeutic ultrasound device.
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Q1 FY27 development highlights
What Milestone 3 delivered
Ceretas completed two prototype workstreams under Milestone 3, both delivered and accepted by Brandon BioCatalyst on schedule:
- A fully functional in-house image-guided neuronavigation (IGN) system prototype
- A collaborative lift assist device prototype, developed with Planet Innovation
Planet Innovation is a Melbourne-based medtech product development company with an established track record of developing sophisticated healthcare products for global industry leaders. The broader development program remains on track for completion by mid-2027.
Why these prototypes matter for the next-generation device
The proprietary IGN system replaces the current off-the-shelf solution, enabling full customisation of the clinician experience and reducing operator requirements from two to one. The lift assist device helps operators place the ultrasound probe accurately and steadily on the patient’s head, improving procedural accuracy.
Together, these advances target two meaningful levers for the next-generation device: improved usability and a reduced cost of goods, strengthening both its commercial and clinical scalability.
CEO/MD Dr Rachel de las Heras
“Completion of fully functional prototypes of the proprietary IGN software and lift assist device marks an important development and optimisation milestone. Both will significantly improve usability, including reducing the number of operators from two to one. Developing our own IGN lets us fully customise the clinician experience, providing an easy-to-use, efficient tool to plan treatment and perform ultrasound sonication accurately. We’re grateful for the continued support of CUREator+ Dementia & Cognitive Decline and the Australian Government’s MRFF.”
Understanding the CUREator+ program and MRFF backing
The CUREator+ Dementia & Cognitive Decline program is a funded incubator initiative under the Australian Government’s Medical Research Future Fund (MRFF) BioMedTech Incubator initiative. It is delivered by Brandon BioCatalyst, a leading Australian life sciences investment and commercialisation organisation, in partnership with ANDHealth and Dementia Australia.
In July 2025, Ceretas was awarded a $2.4 million grant through the program to fast-track development of its next-generation therapeutic ultrasound device. Funding is released in tranches upon verified milestone completion. Completion of this third milestone unlocks the last tranche of $692,578.
Importantly, this funding is non-dilutive, meaning it does not require issuing new shares and preserves shareholder value. Exact tranche amounts for Milestones 1 and 2 were not disclosed in the announcement.
Ceretas’ clinical pipeline and the path ahead
Ceretas is developing a portable, non-invasive therapeutic ultrasound platform targeting Alzheimer’s disease and other neurodegenerative conditions. The device acts on brain tissue via two mechanisms: neuromodulation, which targets neural circuits involved in memory, cognition, and the behavioural and psychological symptoms of dementia; and blood-brain barrier opening, which may facilitate clearance of disease-associated proteins and enhance delivery of therapeutic agents to the brain.
In 2024, QBI researchers completed a Phase 1 trial of low-intensity focused ultrasound neuromodulation in 12 Alzheimer’s participants. The treatment was found to be fast, safe, and well tolerated, with encouraging early signals of benefit for behavioural symptoms. Results were published in Brain Communications in December 2025.
Ceretas is now preparing to commence its Phase 2 CERE-CALM trial (ACTRN12626000738325), evaluating the platform in Alzheimer’s patients with behavioural and psychological symptoms of dementia. Separately, QBI researchers are running their Phase 2 AGIFUS trial (ACTRN12626000687392), evaluating the same technology in Alzheimer’s-related agitation, funded independently by Queensland Health.
With the device development program on track for mid-2027 completion, Ceretas is advancing its hardware platform alongside its upcoming clinical milestones.
| Program / Trial | Status | Key Detail | Partners / Funders | Target Completion |
|---|---|---|---|---|
| CUREator+ Dementia & Cognitive Decline (device development) | Milestone 3 complete | $2.4M grant; IGN system and lift assist device prototypes delivered | Brandon BioCatalyst, ANDHealth, Dementia Australia, MRFF | Mid-2027 |
| Phase 1 low-intensity focused ultrasound trial | Completed (2024) | 12 Alzheimer’s participants; fast, safe, well tolerated; published in Brain Communications December 2025 | QBI researchers | Completed |
| Phase 2 CERE-CALM trial (ACTRN12626000738325) | Preparing to commence | Alzheimer’s patients with behavioural and psychological symptoms of dementia | Ceretas | Not disclosed |
| Phase 2 AGIFUS trial (ACTRN12626000687392) | Ongoing (QBI-run) | Alzheimer’s-related agitation | QBI researchers / Queensland Health | Not disclosed |
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