On Target Laboratories Outperforms Funding Expectations
West Lafayette-based On Target Laboratories Inc. says investors have chipped in more than previously anticipated. The company, headquartered in the Purdue Research Park, announced late last year the funding round led by Johnson & Johnson’s venture capital arm would total $40 million. On Target Laboratories Chief Executive Officer Marty Low says contributions from H.I.G. BioHealth Partners, Elevate Ventures and Helsinn boosted the Series B round to nearly $44 million.
He adds "this substantial investment exceeded our expectations. The raise led by Johnson & Johnson Innovation – JJDC, Inc. in September 2017 was for $32.5 million with an additional $7.5 million guaranteed if there were no additional investors. The second close of $11.1 million completes the financing with $3.6 million raised above the $7.5 million goal."
The company’s technology illuminates cancer cells during surgery. Funding, On Target Laboratories says, will help drive development of its lead imaging compound, OTL38, and support a second compound.