On Target Laboratories, Inc., a West Lafayette, Ind.-based biotechnology company developing fluorescent markers to target and illuminate cancer during surgery, secured $21m in an expanded Series B funding round.
The funding was wholly backed by existing investors Johnson & Johnson Innovation – JJDC, Inc., H.I.G. Capital, Elevate Ventures, The Hurvis Group, and 3B Future Health Fund (formally Helsinn Investment Fund).
The company intends to use the funds for the continued development and commercialization of its novel compound, pafolacianine sodium injection and to complete the ELUCIDATE Trial, a Phase 3 clinical trial evaluating the use of pafolacianine sodium injection to intraoperatively identify lung cancer in real-time.
Led by Christopher Barys, President and CEO, On Target Laboratories discovers and develops fluorescent markers to target and illuminate cancer during surgery so cancerous tissue can be removed more completely. Their intraoperative molecular imaging technology, based on the work of Philip S. Low, PhD at Purdue University, aims to reduce the uncertainty associated with finding and removing cancerous tissue during surgical procedures, helping surgeons to provide a complete surgical resection. Pafolacianine sodium injection, the company’s first product, is currently under priority review for ovarian cancer and is being studied in the Phase 3 ELUCIDATE Trial for lung cancer in the US. It is not yet approved.