Venture Capital News: On Target Laboratories Announces $30M Series C
WEST LAFAYETTE, IN, On Target Laboratories today announced the completion of a $30 million Series C financing.
On Target Laboratories, a privately held biotechnology company developing intraoperative molecular imaging agents to target and illuminate cancer during surgery, today announced the completion of a $30 million Series C financing. This significant investment will play a pivotal role in accelerating the commercialization of the company's novel compound, CYTALUX, the only FDA approved molecular imaging agent that illuminates lung and ovarian cancer as an adjunct during surgery, enabling surgeons to detect more cancer for resection.
The funding was backed by new and existing investors H.I.G. Capital, The Hurvis Group, Johnson & Johnson Innovation - JJDC, Inc., Pension Fund of the Christian Church, 3B Future Health Fund, Elevate Ventures, and Olympus Innovation Ventures.
On Target Laboratories discovers and develops targeted intraoperative molecular imaging agents to illuminate cancer during surgery. Their molecular imaging technology, based on the pioneering work of Philip S. Low, PhD, Purdue University's Presidential Scholar for Drug Discovery and the Ralph C. Corley Distinguished Professor of Chemistry, is comprised of a near-infrared dye and a targeting molecule, or ligand, that binds to receptors overexpressed on cancer cells. The imaging agents illuminate the cancerous tissue, which may enable surgeons to detect more cancer that otherwise may have been left behind.
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