On Target Laboratories Closes $30 Million Series C Financing

On Target Laboratories has closed $30 million Series C financing backed by H.I.G. Capital, The Hurvis Group, Johnson & Johnson Innovation – JJDC, Pension Fund of the Christian Church, 3B Future Health Fund, Elevate Ventures, and Olympus Innovation Ventures, to accelerate the commercialization of its 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.

On Target Laboratories is at the forefront of a new wave of fluorescent agents that are game changers for surgical imaging,” said Nacho Abia, Chief Strategy Officer at Olympus.

This financing serves as a testament to the strength of On Target Laboratories’ technology, especially in light of the complexities posed by the current financial landscape,” said Gwen Watanabe, Managing Director of H.I.G. BioHealth Partners and On Target Laboratories Board Member.

In August, On Target Laboratories announced that the Centers for Medicare & Medicaid Services (CMS) granted a new technology add-on payment (NTAP) for CYTALUX use in ovarian and lung cancer surgery. Under NTAP, CMS will provide hospitals with additional payment of up to 65 percent of the average cost of CYTALUX, which is expected to expand access of the technology to more patients.

The closing of this funding round closely coincides with Stryker’s recent introduction of the 1788 Platform, the only minimally invasive surgical camera currently cleared for use with CYTALUX. The convergence of Series C financing, NTAP reimbursement, and the nationwide rollout of this visualization solution creates a unique opportunity for On Target to expedite the expansion of CYTALUX.

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