Nanomedicine company MagForce has commenced a research project with the University of Bremen, Center for Environmental Research and Sustainable Technology, for the development of magnetic iron oxide particles.

The collaboration, which forms part of MagForce's new vision to conduct early-stage research and development with academic institutions, will form a more efficient magnetic fluid and a pilot manufacturing facility.

The novel particles, with improved efficiency, are being developed as a treatment for abdominal cancers such as prostate and pancreatic cancer.

German Mittelstand Innovation Program (ZIM) managed by the German Federal Ministry of Economics and Technology, will provide funds for the research project, which will run for two years.

MagForce COO and co-CEO Dr Hoda Tawfik said to focus the company's resources on establishing Nano Therm therapy in the market, it has temporarily put all internal early-stage research and development on hold since August 2012.

"This project gives us the opportunity to develop the next generation of NanoTherm that will significantly improve the treatment of abdominal cancers," Tawfik added.