On Target Laboratories develops targeted intraoperative molecular imaging agents designed to illuminate cancer during surgery, based on a near-infrared dye coupled to a targeting ligand. Its lead product, CYTALUX (pafolacianine) injection, is the company’s first commercial product and the only FDA‑approved molecular imaging agent that illuminates lung and ovarian cancer as an adjunct during surgery. CYTALUX is administered by intravenous infusion prior to surgery to help surgeons visualize and resect additional cancerous tissue. The technology traces to the work of Philip S. Low at Purdue University. The company plans to use the new financing to accelerate commercialization and expand market presence across the United States. Recent regulatory and commercialization tailwinds cited by the company include CMS granting NTAP reimbursement for CYTALUX and the clearance of Stryker’s 1788 Platform for use with CYTALUX. On Target Laboratories develops fluorescent markers and intraoperative molecular imaging technology intended to help surgeons find and remove cancerous tissue more completely. The company's lead compound is pafolacianine sodium injection, which is under priority review for ovarian cancer and is being evaluated in the Phase 3 ELUCIDATE Trial for intraoperative identification of lung cancer. The technology is based on the work of Philip S. Low, PhD at Purdue University and the company is led by President and CEO Christopher Barys. On Target plans to use recent financing to continue development and commercialization of pafolacianine sodium injection and to complete the ELUCIDATE Trial. The product is not yet approved. On Target Laboratories discovers, develops and commercializes small molecules conjugated to fluorescent dyes that target and illuminate cancerous cells and other diseased tissue for use during surgery. Its lead candidate, OTL38, is being evaluated in a Phase 3 trial in ovarian cancer and a Phase 2 trial in lung cancer and is administered intravenously before surgery to help surgeons locate lesions and margins. The company plans to use recent financing to fully develop OTL38 in ovarian and lung cancers and to introduce an additional molecule into the clinic. On Target positions its conjugates for use by surgeons and other physicians worldwide to improve diagnosis and treatment across cancers and inflammation-related disorders. Financially, the company recently completed its Series B financings, bringing the round to close to $44 million. OnTarget Laboratories has developed optical imaging technology that uses small-molecule ligands targeting receptors over-expressed on solid cancers, coupled to proprietary fluorescent imaging agents to illuminate tumors in real time during surgery. The technology was developed by Philip Low of Purdue University and initial human data were published in Nature Medicine. The company is based in the Purdue Research Park of West Lafayette. OnTarget says the probes could help surgeons remove more tumor tissue than would otherwise be possible. Management plans to use new funding to conduct further clinical trials to optimize the technology platform and to develop a pipeline of tumor-targeted molecules. The company recently received additional capital to advance that clinical development.

Total raised

$77M

Funding rounds

4

Latest round

Series C

Latest activity

Nov 2023