On Target Laboratories Illuminates Big Funding

Posted: Updated:
The technology illuminates cancer cells. The technology illuminates cancer cells.
WEST LAFAYETTE -

Purdue Research Park-based On Target Laboratories Inc. has received $40 million in funding. The biotechnology company, which develops fluorescent dyes used to illuminate cancer cells for surgical procedures, says the combination of equity and financing will be used to advance its lead imaging compound, OTL38, and create a second cancer-illuminating compound.

Johnson & Johnson's venture capital arm, JJDC Inc., led the round that also includes existing On Target Laboratories investors. On Target Laboratories Chief Executive Officer Marty Low tells Inside INdiana Business he has high expectations for the technology. "Our eventual goal is to find and illuminate or fluoresce all solid-tumor cancers," he said. OTL38 targets ovarian and lung cancers, and eventually, Low believes On Target Laboratories will have a "cocktail" available for surgeons that will light up other types like prostate, esophageal, head and neck and pancreatic within five years. Low says the company and Purdue University are in the process of developing molecules that will also illuminate health cells, tissues and body parts "so ultimately, the surgeon will be able to basically 'cut by color.'"

Marty's brother, Phil, is a co-founder of On Target Laboratories. He also founded Lafayette-based Endocyte Inc. (Nasdaq: ECYT) and currently serves as presidential scholar in drug discovery and Ralph C. Corley distinguished professor of chemistry at Purdue. He is considered a pioneer in the technology and added "our goal is to significantly improve the treatment of cancer patients undergoing surgery, by helping the surgeon identify and resect malignant lesions that are too small or buried to be seen with the naked eye."

Marty says the company is thrilled to have JJDC as an investment partner. "They are in the business of surgery. They are in the business of drug development. They are a unique partner that will enable this technology to reach customers," Marty said.

You can connect to more about the funding by clicking here.

On Target Laboratories Chief Executive Officer Marty Low tells Inside INdiana Business he has high expectations for the technology.
  • Perspectives

    • Retirement Communities - What's The Appeal?

      If you are retired, or soon to be, selling your home may be a consideration. But before you downsize to a smaller home, check out Continuing Care Retirement Communities. They have a big advantage other housing can't match! Continuing Care Retirement Communities (CCRCs), or life care communities, are facilities that...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Retirement Communities - What's The Appeal?

      If you are retired, or soon to be, selling your home may be a consideration. But before you downsize to a smaller home, check out Continuing Care Retirement Communities. They have a big advantage other housing can't match! Continuing Care Retirement Communities (CCRCs), or life care communities, are facilities that...

    • Beth Goetz to be Ball State AD

      Ball State University has named Beth Goetz its next director of intercollegiate athletics. Goetz currently serves as chief operating officer at the University of Connecticut, where she has overseen all of the school's internal athletic department functions since 2016. She previously spent three years at the University of Minnesota and was an associate athletic director at Butler University for five years.

    • Old Point Tavern Successor Opens

      The second-oldest bar in Indianapolis will reopen under new ownership Monday in the city's Mass Ave district. Tavern at the Point, which was previously the site of Old Point Tavern, is owned by Indianapolis-based Cunningham Restaurant Group. The company now owns and operates 27 locations in Indianapolis, Ohio and Kentucky, including several along Mass Ave. The owners say the new location's design and menu will...

    • Mark Sandy became Ball State's director of intercollegiate athletics in 2015.

      Ball State to Introduce Next AD

      Ball State University Monday will name a new director of intercollegiate athletics. Mark Sandy, who has served in the position for more than three years, announced his retirement in January. During Sandy's tenure, eight teams won Mid-American Conference league championships or division titles. Three new facilities projects have been completed during his time in Muncie...

    • Speedway Redevelopment Not an 'Overnight Success'

      The town manager of Speedway says activities related to this weekend's 102nd running of the Indianapolis 500 will benefit the community the whole year. Jacob Blasdel says developments that along the Main Street district -- such as the mixed-use Wilshaw housing project, a soon-to-be-built hotel, Daredevil Brewing Co.'s headquarters and The Dallara IndyCar Factory -- continue to drive additional investors to consider the area. The recent interest and growth, Blasdel says, started...