On Target Laboratories, Inc., a West Lafayette, Ind.-based biotechnology company that is developing tumor-targeted fluorescent dyes to improve cancer surgery, secured an additional financing as part of its Series B capital raise which initially closed September 2017.
Backers included H.I.G. BioHealth Partners, Elevate Ventures and Helsinn.
These recent raises bring the total financing round close to $44m.
The funding will be used to develop the company’s lead molecule, OTL38, in ovarian and lung cancers as well as introduce an additional molecule into the clinic. Coincident with the closing, Aaron Davidson, an H.I.G. BioHealth Partners Managing Director has joined the board of directors of On Target Laboratories.
Led by Martin Low, CEO, On Target Laboratories is advacing OTL38, which is currently being evaluated in a Phase 3 clinical trial in ovarian cancer and a phase 2 clinical trial in lung cancer.